Philadelphia Insurance Companies has partnered with UCPM, Inc., an environmental insurance provider, to offer storage tank pollution liability coverage.
The new Storage Tank Environmental Policy (STEP) protects policyholders from claims for bodily injury, property damage, and remediation expenses associated with the confirmed release of contaminants into the environment from above-ground or underground storage tanks.
Under federal requirements, owners and operators of storage tanks must demonstrate financial responsibility for taking corrective action and for compensating third parties for bodily injury and property damage caused by accidental releases arising from mainly underground storage tanks and in some jurisdictions above ground storage tanks. This includes releases that may occur from other components associated with the tank, such as piping, spill containment devices, and dispensing equipment.
Highlights of the STEP program include a minimum premium of $300, limits up to $1 million per/$2 million aggregate, and an easy-to-use, online application. Agents can receive a bindable quote and detailed coverage analysis instantly upon completion of the online application.
Philadelphia Insurance Companies designs, markets, and underwrites commercial property/casualty and professional liability insurance products for select industries.
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