PHILADELPHIA--(BUSINESS WIRE)--ACE Group today released an advisory discussing the current and emerging challenges faced by underground storage tank business owners and operators. 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. The advisory is part of a series of papers that ACE has written to provide risk managers useful information on current industry topics.
“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 Mr. Piatkowski.
According to Mr. Rojewski, “In addition to managing regulatory and financial responsibilities, tank owners should ensure that they have controls in place to limit spill liability. Working with an insurer who understands the risks, and can provide immediate support in the event of a spill, is essential. Tank insurance is readily available through traditional desktop underwriting or via an online portal, such as ACE TankSafe®*.”
Additionally, 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 Mr. Winterburn.
To access the report, please visit our website. The material presented in this report is not intended to provide legal or other expert advice. It is presented for informational use only. Readers should consult legal counsel or other technical experts, as applicable, to answer any specific questions they may have.
*ACE TankSafe® is a fully-automated internet-based system for commercial underground and aboveground storage tank insurance. It is designed specifically to make an otherwise complicated process both user-friendly and efficient, from submission through policy and financial responsibility certificate issuance. It combines aboveground and underground coverage in a single policy and is provided on an admitted basis. For ACE TankSafe clients, customized storage tank risk control services are available through ACE’s ESIS Health, Safety and Environmental Services, including Spill Prevention Control and Countermeasures (SPCC) Plans and underground storage tank management systems. To learn more visit our website.
ESIS®, Inc, (ESIS), is part of ACE Group, and provides customized claims and risk management services to a wide variety of commercial clients. ACE USA is part of ACE Group, which is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. ACE Limited, the parent company of ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at www.acegroup.com or follow ACE on Twitter, at https://twitter.com/ACEGroupNA.