Zurich North America’s Environmental Group has come up with an innovative program to provide today New York, New Jersey and Pennsylvania residents with coverage for their residential fuel oil tanks.
The Home Environmental Protection program is the first to offer coverage to “protect homeowners from the usually overlooked risks of owning a residential fuel oil tank.” The policy complements traditional homeowner’s policies, which, according to Zurich’s announcement, “do not typically cover the costs of oil leaks and clean ups that can be incurred by the more than 10 million households in the U.S. with residential tanks. ” Roger Brunner, Zurich North America VP stated that, “Many people automatically assume that any problems with their oil tanks are covered by their homeowner’s insurance, but unfortunately, this is usually not the case. The expense resulting from a leak, for example, can easily run into the thousands of dollars. Our Home Environmental Protection program offers a timely solution, providing the peace of mind that homeowners want when it comes to their biggest asset, their home.”
The program “provides policyholders with coverage for legally required first-party cleanup costs as a result of a release caused by a defect in the fuel oil system with a clean up limit of up to $100,000; a sub-limit coverage for site restoration after clean up; and access to a network of environmental clean up and tank testing professionals.”
The policy will be available starting May 1 in NY, NJ and Penn., where residential oil tanks are commonplace, and Zurich plans on expanding it to the entire Northeast by the end of 2002 and nationwide during 2003.
“Homeowners can purchase the plan through insurance agents or directly from Zurich North America by calling (800) 713-1158,” said the announcement.
Was this article valuable?
Here are more articles you may enjoy.