ACE Group has released a review discussing the existing and new challenges faced by underground storage tank business owners and operators.
The report checks the changes in state and federal regulations, increased financial responsibility requirements, detailing on the better management strategy.
It also describes the need for working with risk and insurance professionals to ensure that proper training, maintenance management, and appropriate insurance coverage are provided.
Because of the complexity in nature, tank systems, new regulations, and economic complications, this advisory was developed to help underground storage tank owners and operators understand the steps they can take to protect the business, said, Steven Piatkowski, VP, ACE Environmental Risk.
In addition to managing normal responsibilities, tank owners have to ensure that they have controls on spill prevention. Working with a reputed insurer will provide immediate solution for spill cases. Tank insurance is available through desktop underwriting as well as online portal.
Additionally, owners and operators have to incorporate a risk management strategy into their business tactics as it demands stricter federal requirements, while inviting more financial responsibility.
Training is a must that helps to meet both state and federal mandates, as well as support operational, maintenance, and emergency response best practices. Working with the right risk management experts will help tank owners and operators to manage efficiently, reducing potential exposures, improving spill prevention, and developing countermeasure plans.