Storage Tank Ownership and Financial Responsibility

Petroleum releases from underground storage tanks are a real danger for the environment and for people living in the area near the release. It is for this reason that the federal government requires that all owners and/or operators of underground storage tanks that hold petroleum (with a few exceptions), have a certain level of financial responsibility they can meet in order to pay for clean up associated with storage tank releases.

These federal regulations apply to owners, operators, and marketers, and non-marketers of petroleum storage tanks. The full list of groups and regulations can be found here in the EPA’s booklet “Dollars and Sense” which covers financial responsibility requirements for storage tanks. Though different groups have different requirements as far as responsibility is concerned, there are a few blanket rules that apply to most groups in question.

In general, producers, refiners, marketers and nonmarketers must have a per occurrence (per release) coverage of $1 million and an aggregate coverage (total coverage for all tanks owned) of $1 million. This number jumps to $2 million if the party owns more than 100 tanks, and drops to $500,000 for nonmarketers whose throughput is 10,000 gallons or less per month.

Groups can obtain coverage from numerous sources including private insurance, self-insurance (determined by financial tests), trust funds, and state financial assistance programs. See the EPA’s Dollars and Sense for more information on financial responsibility and where and how to obtain coverage for your petroleum tanks.

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As a distributor and installer, we know everything there is to know about the business, which allows us to offer the best quality tanks and proper installation services. Our dual role also makes our services more cost-efficient, and allows you to cut out the hassle of working with independent distributors and installers.

Our status as a national distributor for over 55 storage tank and related accessory manufacturers means we offer a wide variety of tank solutions that are guaranteed to fit your needs, and our emphasis on customer service makes us one of the leading distributors in the industry. We’re focused on providing the best products and services to the consumer in order to remain one of the industry leaders.

We strive for complete customer satisfaction, and with our 20 years of experience, we think you’ll notice the difference you get with us. Let Tanks Direct be your first choice for all of your tank and storage system needs. Contact us today at 800-865-5555, or info@tanksdirect.com. Also be sure to keep up with us on FacebookTwitterGoogle+, and LinkedIn.

Sources

http://www.epa.gov/oust/ustsystm/finresp.htm

http://www.epa.gov/oust/pubs/dolsens.pdf

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