In the 1970s and early 1980s, refineries, petroleum distributors and gasoline stations filled our land with underground storage tanks. As those tanks aged they began to leak and threaten our sources of water. Not only had we built tanks that were prone to leaking as they aged, we failed to create provisions to monitor or test those tanks. We clearly needed a massive effort to identify the tanks, test them, retrofit or abandon them, and clean up the damage already done to our groundwater systems. The problem, which crossed state borders, had to be handled nationally. The federal government empowered the Environmental Protection Agency (EPA) to oversee the solution.
Eventually, government action required each owner or operator of an Underground Storage Tank to notify the EPA or a cooperating state agency of the existence of any such tank, to take steps to detect leaks, keep records of regular maintenance, report any release of material from within a tank, take specific corrective action in case of a problem, close unfit tanks, prove financial responsibility for the damage that may occur, and the corrective action required should a tank leak.
A key provision of environmental legislation was the requirement concerning financial responsibility for USTs that cause harm. Almost every commercial property owner or operator of an Underground Storage Tank (UST) containing petroleum products is required to prove financial responsibility in connection with those USTs. Although small tanks servicing farms and homes are exempt, there are very few other exceptions. For instance, there are no exemptions or immunities for governmental entities, Indian tribes, or small owners/operators that only own a single tank. The need for an insurance product to provide compliance is extensive.
So if your business revolves around the aforementioned, than Paradiso Insurance can take care of your CT insurance needs. Rest assured that you and your business will always be taken care of. Let us handle the insurance end of your business, and you handle everything else!
Information courtesy of Rough Notes