ACE Advisory Addresses Ways to Overcome New Regulatory and Financial
Obstacles
PHILADELPHIA--(BUSINESS WIRE)--
ACE Group today released an advisory discussing the current and emerging
challenges faced by underground storage tank business owners and
operators. The new report examines specific 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.
Underground Storage Tank (Photo: Business Wire)
“Storage Tanks: Overcoming the New Regulatory and Financial Hurdles,”
was authored by Steven Piatkowski, Vice President, ACE Environmental
Risk; Gerry Rojewski, Vice President, Chief Underwriting Officer, ACE
Environmental Risk; and Robert Winterburn, Assistant Vice President,
Product Line Management – Tanks, ACE Environmental Risk. The advisory is
part of a series of papers that ACE has written to provide risk managers
useful 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,” said Mr. Piatkowski.
According to Mr. Rojewski, “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®*.”
Additionally, the paper 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,” said Mr. Winterburn.
To access the report, please
visit our website. The material presented in this report is not
intended to provide legal or other expert advice. It is presented for
informational use only. Readers should consult legal counsel or other
technical experts, as applicable, to answer any specific questions they
may have.
*ACE
TankSafe® is a fully-automated internet-based system for
commercial underground and aboveground storage tank insurance. It is
designed specifically to make an otherwise complicated process both
user-friendly and efficient, from submission through policy and
financial responsibility certificate issuance. It combines aboveground
and underground coverage in a single policy and is provided on an
admitted basis. For ACE TankSafe clients, customized storage tank risk
control services are available through ACE’s ESIS Health, Safety and
Environmental Services, including Spill Prevention Control and
Countermeasures (SPCC) Plans and underground storage tank management
systems. To learn more visit
our website.
ESIS®, Inc, (ESIS), is part of ACE Group, and provides customized claims
and risk management services to a wide variety of commercial clients.
ACE USA is part of ACE Group, which is one of the world’s largest
multiline property and casualty insurers. With operations in 54
countries, ACE provides commercial and personal property and casualty
insurance, personal accident supplemental health insurance, reinsurance,
and life insurance to a diverse group of clients. ACE Limited, the
parent company of ACE Group, is listed on the New York Stock Exchange
(NYSE: ACE) and is a component of the S&P 500 index. Additional
information can be found at www.acegroup.com
or follow ACE on Twitter, at https://twitter.com/ACEGroupNA.
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Source: ACE Group