Insuring the Contents of Your Storage Tanks

Modern agriculture relies on fertilizers, fuel, and other chemicals – putting agribusinesses at a variety of risks. The increased use, along with complex regulations, often means insufficient insurance protection.

A general liability policy will often have exclusions for issues that arise with storage tanks and pollution. Storage tank liability insurance is another important program – often providing coverage for clean-up, property damage, bodily injury sustained by third parties, and legal defense fees for claims made by third parties.

What about the contents of the tank?

Tank Leakage Coverage is a program that offers protection to the contents of above-ground tanks storing liquid fertilizer, anhydrous ammonia, agricultural chemicals, fuels and similar liquid property you own, hold in trust, or for which you are liable. These policies are designed to supplement a standard property policy, consisting of fire, lightning, extended coverage, vandalism and malicious mischief. Tank Leakage Coverage insures against direct loss or damage to the contents of your tanks caused by leakage or rupture of your tanks, its fittings and valves. A few of the actual losses paid include:

• Steel Plug Leakage
• Seam of the tank opened up, causing leakage
• Ruptured tank
• Broken sight gauge fitting leaked

From general liability and property insurance to pollution liability policies, agribusinesses have specialized insurance needs. The best way to avoid gaps in coverage is by working with an experienced agribusiness insurance professional who can assess your operation, identify the risks, and make recommendations to make sure the insurance coverage fits the risks. Contact a member of our agribusiness team to get started on a comprehensive review of your insurance and risk management programs.