Owners of under- and above-ground storage tanks have always faced unusual challenges, and the focus on the potential for pollution that these tanks represent has not diminished in recent years. AIG Environmental, the leading provider of storage tank liability insurance through our program administrators, understands the unique needs of this market segment and almost fifteen years ago offered the first version of what is today known as AIG TankGuard. This insurance policy limits the financial liability inherent in the use of storage tanks by providing coverage for on and off-site, third-party bodily injury and property damage, corrective action and clean-up costs. TankGuard also covers first dollar defense expenses outside the limits of liability and does not erode the policy aggregate. In addition, due to the ever-tightening financial marketplace, bonding mechanisms are increasingly difficult to find. Coverage features and benefits include:
Coverage for on and off-site third-party bodily injury and on and off-site third-party property damage claims resulting from pollution conditions emanating from scheduled tanks
Coverage for corrective action and clean-up due to releases from scheduled tanks
Defense Costs outside the limits of liability
Extended reporting period of up to 40 months is available
Limits per location are available by endorsement
Claims reporting as soon as possible
Punitive damages insured where allowable by law
In addition, insureds who have state-of-the-art tanks and remote monitoring systems are eligible for discounts - making TankGuard more affordable than ever. Consider that:
Financial responsibility for storage tanks must be evidenced by a government-approved financial mechanism. By choosing AIG Environmental's Storage Tank Liability Insurance rather than a bonding mechanism, letter of credit or self-insurance, insureds are able to increase their cash flow and stabilize their balance sheets. State funds do not always offer adequate coverage or services.
If a claim develops, often an insured can be subjected to extended periods of downtime due to delays from governmental bureaucracy. AIG Environmental's Storage Tank Liability Insurance provides a reliable response and solution to claims. State funds are generally indemnification mechanisms. Our form is written on a "pay-on-behalf of" basis. Several state funds recently have experienced insolvency problems; a potential disaster should a business have a pollution incident.
AIG Environmental's Storage Tank Liability Insurance offers a financially stable alternative to state funds. Our policy can be written in conjunction with the State Corrective Action Funds. This allows insureds flexibility in meeting their risk management needs.
For full information on how you can help your clients meet their storage tank-related insurance needs, please contact our program administrators: Click here for our TankGuard Insurance Policy Application AIG Environmental TankGuard Program Administration: US risks domiciled in all states except Florida:
Chamber Insurance Agency Services 100 Executive Drive West Orange, NJ 07052 Phone- 800-336-2007 Fax- 973-731-2288 www.chamberagent.com Contact: Kristen Scott Phone- firstname.lastname@example.org
Risks domiciled and/or any tanks located in Canada :
For Risks located in Florida please contact our Chamber subsidiary office:
Policy Managers317 Riveredge Blvd - Suite 206Cocoa, Florida 32922
Gena Gardner (321) 433-4049Ggardner@poliocymanagers.com
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