The Independent Agents and Brokers of America Big “I” Markets launched a new insurance policy option with American Risk Management Resources Network, LLC (ARMR.NET) for above and below ground storage tank coverage.
Big “I” members can now provide their clients with a new source of insurance for required AST and UST financial responsibility while at the same time providing coverage options for non-tank related premises and operations pollution liability insurance at an affordable price.
“We obtained for Big ‘I’ Markets nearly exclusive access to a storage tank policy that can provide environmental coverage for all of the operations at the insured site, creating a cost savings of up to 60 percent over conventional insurance designs,” says David Dybdahl, ARMR.NET founder and president.
Dybdahl notes that this new policy provides proof of financial responsibility and has coverage options to insure other pollution loss exposures tank owners often face. “Picture the fuel depot that has an accident on premises where oil reaches a nearby stream or ground water,” says Dybdahl. “If it did not come from the tank, other tank policies won’t provide coverage.”
The coverage is coming at an opportune time, according to Paul Buse, Big “I” Advantage president. “Members have reported substantial price increases on underground storage tanks. This product is very competitive on standard UST exposures and adds surrounding premises and operations coverage,” he says.
Buse says typical business insurance packages have what the industry calls an absolute pollution exclusion. “If your client has a UST policy to meet federal financial responsibility laws it’s not going to help if their parking lot or a contract site becomes polluted by accident,” says Buse.
Agencies need to know about this product as the marketplace for USTs is changing, accoroding to Jack Sherrill, senior partner of Sherrill & Co. in Savannah, Ga. and chairman of the Big “I” insurance licensed subsidiary that operates Big “I” Markets. Sherrill says established insurers are re-underwriting and non-renewing USTs over 25 years old.
American Risk Management Resources Network, LLC is a wholesale insurance brokerage firm specializing in environmental insurance placements and is licensed in all states.
Source: Independent Agents & Brokers of America