Zurich American, a large insurer of underground storage tanks (UST), said last week it will no longer issue new UST insurance or renew existing coverage. It is unclear at this time why Zurich has decided to quit the market.
In a memo from the Environmental Protection Agency (EPA) to trade groups and industry, EPA directed UST owners and operators to review their insurance policies to ensure adequate coverage as they switch to a new policy.
Private insurance through companies such as Zurich is one way to meet EPA's financial responsibility requirements. In about 36 states, tank owners can rely on state financial assurance funds to meet EPA requirements and to help fund cleanups resulting from a release from a UST system.
For UST owners who need an option for private insurance, EPA suggests the following guidebooks to assist in choosing new insurance policies: Guide to Tank Insurance, published by the Association of State and Territorial Solid Waste Management Officials (ASTSWMO) and EPA’s List Of Known Insurance Providers For Underground Storage Tank Owners And Operators.
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