Buried Fuel Tanks - no insurance coverage


  #1  
Old 05-01-12, 08:02 AM
G
Member
Thread Starter
Join Date: Oct 2008
Location: USA
Posts: 2,604
Received 28 Upvotes on 27 Posts
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.
 
  #2  
Old 05-01-12, 02:43 PM
R
Member
Join Date: Nov 2011
Location: USA
Posts: 347
Received 3 Upvotes on 3 Posts
Skyrocketing prices and increased "risk" - no wonder people are running away from heating oil in droves.

(Gotta wonder if that's The Plan....?)
 
  #3  
Old 05-01-12, 05:26 PM
Grady's Avatar
Forum Topic Moderator
Join Date: Jan 2005
Location: Delaware, The First State
Posts: 12,682
Received 41 Upvotes on 39 Posts
I wonder if "fuel" includes propane? Dollars to donuts it doesn't.
 
  #4  
Old 05-01-12, 07:24 PM
NJT's Avatar
NJT
NJT is offline
Member
Join Date: Oct 2006
Location: USA
Posts: 19,710
Upvotes: 0
Received 8 Upvotes on 6 Posts
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!
 
  #5  
Old 05-01-12, 08:06 PM
Join Date: Mar 2005
Location: USA
Posts: 5,650
Received 1 Upvote on 1 Post
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
 
  #6  
Old 05-02-12, 07:09 AM
N
Member
Join Date: Jan 2012
Location: Canada
Posts: 2,511
Received 21 Upvotes on 18 Posts
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.
 
  #7  
Old 05-02-12, 03:53 PM
D
Member
Join Date: Aug 2009
Location: USA
Posts: 4,344
Upvotes: 0
Received 1 Upvote on 1 Post
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.
 
  #8  
Old 05-02-12, 05:34 PM
G
Member
Thread Starter
Join Date: Oct 2008
Location: USA
Posts: 2,604
Received 28 Upvotes on 27 Posts
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.
 
  #9  
Old 05-02-12, 08:16 PM
NJT's Avatar
NJT
NJT is offline
Member
Join Date: Oct 2006
Location: USA
Posts: 19,710
Upvotes: 0
Received 8 Upvotes on 6 Posts
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.
 
 

Thread Tools
Search this Thread
 
Ask a Question
Question Title:
Description:
Your question will be posted in: