You need to replace your underground storage tanks when their life expectancy is up. Removing a tank is often the best way to discover leaks and cause spills.
If you are getting ready to replace your tanks, it is important to know more about environmental insurance so you are prepared for anything.
Understand your policy
Every policy is going to have specific terms. The key to note is that every policy will have a timeframe which you need to make your claim within after you discover a spill. Know your timeframe so you can stay within it. You also need to know your policy period. The spill needs to occur within your policy period. If it is a concern, you might want to look for a policy that offers spill compensation for historic events. Also, make sure you know what assets your policy covers.
Generally, if you file a valid claim, the insurer determines reasonable and necessary action they need to take. Remember that your insurer will only remedy the situation as far as regulations demand. You must pay for any additional remedies.
Prepare for potential releases
To be ready for any releases, you need to build your defense. This starts by knowing the three types of potential releases:
- New
- Pre-existing unknown
- Emergency
No matter what type of spill you experience, you will need to have tank compliance information and testing information handy for your insurance company, so keep these up-to-date.
Environmental insurance allows you to protect your business. However, you need to follow these tips to get the most out of your coverage, so you can be ready for anything.