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R&R Insurance Blog

Do You Have a Storage Tank Policy?

Posted by Karlie Davis

  • health-care-broker.jpgAre you removing your storage tank from service?
  • Are you closing your storage tank?
  • Are you replacing your storage tank?
  • Are you moving your storage tank?
  • Are you repairing your storage tank?

If you answered yes to any of these questions, please be aware of an endorsement that could possibly leave you with a gap in coverage.

The endorsement could be called Closure, Removal or Replacement Amendatory. This endorsement states the First Named Insured must provide written notice to the Insurance Carrier of any Insured’s Intent to repair, close-in-place, remove from service and/or replace any above ground or underground storage tank. It must be no less than 5 business days prior to the commencement date of any intrusive repair, closure-in-place, and removal from service and/or replacement. If the carrier is not properly notified prior to the change, you could have a potential gap in coverage.

Please contact your R&R Knowleger Broker if you have any questions or would like to discuss further.

Topics: Business Insurance