PRODUCT: Ironshore Storage Tank Policy

COMPANIES: Ironshore is a Liberty Mutual company.

BEST RATING: A (Excellent)

AVAILABILITY: Coverage is available on an open-brokerage basis.

FOCUS: With a broad appetite for commercial storage tanks of varying age and construction, Ironshore helps fulfill a market need by offering a solution for harder-to-place tanks.

The Ironshore Environmental Storage Tank Policy addresses first- and third-party liability in response to releases from underground and above-ground storage tanks, in addition to helping insureds satisfy federal financial assurance requirements.

Toby Smith, president of Ironshore Environmental, calls it “the most cost-effective and beneficial financial mechanism available to insureds.”

“This new offering brings together the Liberty Mutual and Ironshore expertise with exciting new resources and technology,” Smith says. “Ironshore Environmental is recognized as a market leader in this space and possesses an abundance of expertise and market share in the site pollution legal liability market.”

In good news for agents, Ironshore’s new online quote and bind portal provides faster and easier access to the product. “For many risks, coverage can be placed in as little as 10 minutes,” Smith explains. “Brokers also have the option to incorporate multiple tank locations details with a spreadsheet upload, which saves time on data entry.”

COVERAGE DETAILS: Coverage highlights include:

• Deductible options starting at $0
• Limits from $500,000 to $10 million
• State- and federally issued fines and penalties
• First-party discovery during policy period or applicable extended reporting period
• Third-party bodily injury and property damage, including natural resource damages and medical monitory costs

Optional coverages are also available, including third-party blanket transportation and blanket waste disposal activities. Retroactive dates are considered based on the date of tank installation.

UNDERWRITING: Prospects must complete the Ironshore Storage Tank Application and provide a location schedule as well as storage tank construction details, such as tank installation date, construction and contents. Copies of the most recent underground storage tank and pipeline leak detection test results are required to bind coverage for any underground storage tank and any piping that is over 30 years old. In some instances, financials may also be requested.

MINIMUM PREMIUM: None.

TARGET: Any client with ownership or operational exposure to commercial underground or aboveground storage tanks, including, but not limited to, clients subject to financial responsibility requirements per Title 40 of the Code of Federal Regulations, parts 280 and 281.

Insureds typically work in a broad range of industries, including gas stations and fuel terminals, auto dealerships, hospitals, and apartment buildings.

COVERAGE TERRITORY: U.S., its territories and Canada.

CONTACT: Ironshore.

Will Jones is IA assistant editor.