MAJOR ISSUE REGARDING UNDERGROUND GASOLINE TANK INSURANCE!
It has been reported to me by more than one insurance agent in the State that Ace Insurance Company, a major insurance writer for Underground Gasoline Tanks has just stopped writing Underground Tank Insurance for any Tanks that are 27-years old or more.
This is a major problem as your tanks still have 3-years of use left on them, but without insurance, you cannot operate those tanks without being fined big time by the State of Connecticut. It has also been reported that what is called “excess line carriers” are now also refusing to insure tanks installed in 1988 or earlier and then next year the cut off will be 1989- again, this will leave 3-years of expected life not being able to be used by retailers.
This is the exactly GASDA predicted would happen if the State were to eliminate the Underground clean-up fund and now, from all appearances, it is happening. What I need all retailers to do, can you please email ([email protected]) or fax (203-323-6935) your company name and address with the number of tanks that you have and if you will suffer a financial hardship without being able to use your tanks for the remaining 3-years left on them. This will also affect those who tank replacement is required by your supplier as they will not get those 3-years left on their tanks as well. We need this number to set up a meeting with State not to disclose your name and location, but rather the scope and extent of the problem for a possible solution by the State such as low or zero interest loans to retailers for a tank replacement program or other remedies. We need your thoughts and input to put off the closure of many stations in the State due to this new Insurance policy.