ACE Enhances Tank Coverage

February 9, 2012

The ACE Group has improved its tank coverage by streamlining environmental coverage for owners and operators of aboveground and underground tanks.

The insurer has combined aboveground and underground coverage in a single policy for its ACE TankSafe program. This coverage is available to tank owners, operators and their brokers through an online process that simplifies the steps required for obtaining coverage, from submission through policy and financial responsibility certificate issuance.

“The single combined ACE TankSafe policy is a cost-effective response,” said Stela T. Flanagan, assistant vice president, Environmental, ACE Commercial Risk Services. “It builds on the ACE TankSafe offering we launched in 2003 and is available through a proprietary online platform.”

Companies and organizations that own or operate storage tanks of all sizes in diverse industries must satisfy federal and/or state requirements to demonstrate financial responsibility. Some of these industries include healthcare facilities, municipalities, educational institutions, auto dealerships, gas stations, and convenience stores, as well as airports, marinas, commercial and industrial facilities, and manufacturing plants.

“Storage tank owners and operators, from small businesses to the largest operations, face growing public awareness and broader environmental regulations,” said William P. Hazelton, executive vice president, ACE Environmental Risk.

The product includes coverage for third-party bodily injury and property damage claims and coverage for corrective action costs. ACE offers instant online certificates that satisfy federal and/or state requirements and electronic account management.

The minimum premium is $350. Limits can go as high as $5 million. It is available in 48 states.

The Philadelphia-based ACE Environmental Risk is an ACE USA business unit and part of the ACE Group. It offers a full range of environmental liability solutions.

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