Look Out Below: Underground storage tanks present opportunities for brokers and agents

Look Out Below: Underground storage tanks present opportunities for brokers and agents

Look Out Below: Underground storage tanks present opportunities for brokers and agentsNot all time bombs tick. In the case of underground storage tanks, they corrode. As a result of corrosion, improper installation and piping failures, tanks storing fuels and other hazardous substances can leak dangerous chemicals, resulting in contaminated soil and polluted groundwater. With many tanks being installed prior to stricter EPA regulations, the market is ripe with opportunities for you.

Several states currently offer tax-funded cleanup programs for underground storage tanks. With funds approval taking up to 4 months, all upfront costs become the owner’s responsibility. Moreover, states are steadily eliminating these programs, forcing tank owners to fend for themselves. Defuse this situation before it explodes, or in this case, leaks. Point out the value of including Storage Tank Coverage to your client’s commercial insurance.