Buried Fuel Tanks - no insurance coverage

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Old 05-01-12, 08:02 AM
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Buried Fuel Tanks - no insurance coverage

I recently received my umbrella policy renewal. They have added an exclusion for "actual, alleged, or threatened" escape from above-ground or underground fuel tanks.
 
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Old 05-01-12, 02:43 PM
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Skyrocketing prices and increased "risk" - no wonder people are running away from heating oil in droves.

(Gotta wonder if that's The Plan....?)
 
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Old 05-01-12, 05:26 PM
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I wonder if "fuel" includes propane? Dollars to donuts it doesn't.
 
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Old 05-01-12, 07:24 PM
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I'm sure it doesn't cover propane... I've never heard of an insurance company having to pay to clean up a propane spill... hmmmmmmmmmmmm... well, unless it resulted in a fire!
 
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Old 05-01-12, 08:06 PM
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My wife inherited a home in Levittown, PA and the oil supplier provided insurance on the buried tank as long as you bought oil from them. - You had no choice at that time and had to stick with the original supplier at the time or take the risk.

If you are familiar with that large planned community, every house got a buried oil tank and a willow tree in the period of 7 days from start to end of construction. Occupancy came a week or two later. Later, it became a huge liability for future owners, as all single shell tanks are.

there are conditioned that are created and you have to look out for the future possibilities.

Dick
 
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Old 05-02-12, 07:09 AM
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Our insurance company didn't give us really any issues with our oil tank. It is getting close to the required 10yr replacement mark (8yrs old now) and is stored in the basement.

That being said, a house here in town (small hick town really) recently had been condemned due to a leaking tank in their basement. I don't know much about that situation but I do know it was torn down and replaced due to leaking oil.
 
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Old 05-02-12, 03:53 PM
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I don't think the US has any rules for regular replacement of residential oil tanks. Most tanks have been in the ground for over 50 years.
 
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Old 05-02-12, 05:34 PM
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Our insurance company didn't give us really any issues with our oil tank.

OK, but does your insurance policy cover it (or exclude it), in the first place? If it's excluded, then I wouldn't expect them to peep. If it's not excluded now, expect it to be so soon.
 
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Old 05-02-12, 08:16 PM
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My insurance company is one that I'm CERTAIN is very upset with themselves for writing ME a policy! ha ha ha ... and the saga continues.
 
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