PHILADELPHIA, PA—ACE Group has issued an advisory discussing the current and emerging challenges faced by underground storage tank business owners and operators. The report examines changes in state and federal regulations, increased financial responsibility requirements and presents comprehensive strategies to better manage these risk exposures. The advisory also describes the importance of working with risk and insurance professionals to ensure that the right training, maintenance management, and appropriate insurance coverage are all in place.
“Storage Tanks: Overcoming the New Regulatory and Financial Hurdles,” was authored by Steven Piatkowski, vice president; Gerry Rojewski, vice president, chief underwriting officer; and Robert Winterburn, assistant vice president, product line management – tanks, all with ACE Environmental Risk. The advisory is part of a series of ACE papers that provide risk managers information on current industry topics.
“Because of the complexities involved in tank systems, new regulations, and economic ramifications, we have developed this advisory to help underground storage tank owners and operators better understand current challenges and steps they can take to protect their business and the environment,” says Piatkowski.
“In addition to managing regulatory and financial responsibilities, tank owners should ensure that they have controls in place to limit spill liability. Working with an insurer who understands the risks, and can provide immediate support in the event of a spill, is essential. Tank insurance is readily available through traditional desktop underwriting or via an online portal, such as ACE TankSafe®,” says Rojewski. ACE TankSafe is an internet-based system for commercial underground and above-ground storage tank insurance.
The ACE paper also explains that as businesses seek to meet stricter federal requirements, while incurring more financial responsibility, they need to incorporate a proactive risk management strategy into their overall business tactics.
“Training is an important consideration in helping to meet both state and federal mandates, as well as supporting operational, maintenance, and emergency response best practices. By working with the right risk management experts, tank owners and operators can better manage their systems to help reduce potential exposures, improve spill prevention, and develop countermeasure plans,” says Mr. Winterburn.
Risk managers can download the report at http://www.acegroup.com/us-en/assets/storage-tank-advisory.pdf.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
