Storage Tanks Present Environmental Risks for Owners and Operators

An advisory describing the current and emerging challenges faced by underground storage tank business owners and operators was released by ACE Group last week.

The new report examines specific changes in state and federal regulations, increased financial responsibility requirements and presents comprehensive strategies to better manage these risk exposures. The advisory also describes the importance of working with risk and insurance professionals to ensure that the right training, maintenance management and appropriate insurance coverage are all in place.

“Storage Tanks: Overcoming the New Regulatory and Financial Hurdles,” was authored by Steven Piatkowski, vice president, ACE Environmental Risk; Gerry Rojewski, vice president, chief underwriting officer, ACE Environmental Risk; and Robert Winterburn, assistant vice president, Product Line Management – Tanks, ACE Environmental Risk.

“Because of the complexities involved in tank systems, new regulations, and economic ramifications, we have developed this advisory to help underground storage tank owners and operators better understand current challenges and steps they can take to protect their business and the environment,” said Piatkowski.

The paper explains that as businesses seek to meet stricter federal requirements, while incurring more financial responsibility, they need to incorporate a proactive risk management strategy into their overall business tactics.

“Training is an important consideration in helping to meet both state and federal mandates, as well as supporting operational, maintenance, and emergency response best practices. By working with the right risk management experts, tank owners and operators can better manage their systems to help reduce potential exposures, improve spill prevention and develop countermeasure plans,” said Winterburn.

Source: ACE Group