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Tank Insurance Protection
Most home
insurance policies do NOT offer oil tank protection:
Homeowner's
insurance policies will not cover the costs associated with a leaking
heating oil tank when the environmental damage only impacts your
property. Tank insurance can provide coverage in these cases.
Exorbitant Clean-up costs:
The average cost for cleaning-up environmental damage
from a leaking heating oil tank is $9,000.00 and can be as high as
$100,000.00 in some circumstances.
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Tank
Insurance - Frequently Asked Questions |
How do I buy tank insurance?
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Tank insurance is offered through many
home heating oil companies. If you do not know the companies that
service your area, please call us for a recommendation. ATS can
provide any testing required as part of a tank insurance policy but we
do not offer tank insurance.
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What is
tank insurance? Will it protect me in the event my tank leaks in the
future?
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Heating
oil dealers offer tank insurance policies that will pay the property
owner up to $100,000.00 in cleanup costs, if there is a release of
heating oil from the tank. We recommend that all our
clients purchase tank insurance. As with
any policy of this type, there are certain exclusions. Therefore,
we recommend you contact your local heating oil dealer for more
specifics about the terms and conditions.
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The
home I am buying has an active in-use underground tank and the owner has
a valid tank insurance policy. Is it still necessary to test the
underground tank for leaks?
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Absolutely yes!
Many realtors and attorneys advise homebuyers
that testing underground oil tanks is not necessary if the seller has
tank insurance. However, homebuyers do not realize that they will expose
themselves to increased risk of environmental liability by not testing
oil tanks before their purchase.
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Read the exclusions! Tank insurance
will only honor claims if there is a release of fuel from the tank which
is almost never the case with piping or top tank leaks. Also, the
insurance adjuster can deny claims by simply claiming the leak
pre-existed the date of the insurance policy.
 Advanced Tank
Services Co.
ATS Environmental
1-800-440-TANK
1-800-440-8265
Our operating region includes: New Jersey (NJ), New York (NY),
Pennsylvania (PA),
Connecticut (CT), Maryland (MD), Delaware (DE) & Massachusetts
(MA)
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You don't
need to convert to natural gas heat |
| If you are
nervous about your underground oil tank, purchase tank insurance in
conjunction with tank or soil testing.
Often tank insurance can provide as much as
$100,000.00 in coverage in case of a catastrophic petroleum release
from the tank. |
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