Aging tanks is a topic that we seem to be discussing more frequently with our customers today. That new tank you just installed in the 90’s is now 30 years old – take a minute and let that sink in!
Underground storage tank (UST) owners are finding it more and more difficult to provide for financial responsibility documentation and find insurance coverage for aging tanks. While 30 years is widely regarded as the expiration date on a UST, it is imperative that you understand your insurance limitations as tanks hit 20 years of age (installed in the early 2000’s) so that you can review your options and have a strategic plan in place.
Is your underground storage tank 25-30 years old?
If the answer to this question is yes, or you don’t know, here are some important things to consider:
- Do I have the correct type and amount of insurance coverage for my UST if I have a leak or equipment failure?
- Does my insurance company cover my existing aged tank and at what age will coverage cease or become limited?
- Are you performing the necessary monthly fuel system walkthroughs, annual and three year tests as required by law?
- Have you considered an above ground system (where applicable) as an alternative to costly UST compliance and testing?
- Do you know all of the local, state and federal requirements for removing and decommissioning a UST system?
Don’t worry, if you don’t know the answers to these questions Gasoline Equipment is here to help! We are ready to assist you with navigating the regulations for your aging tanks and think about your future fuel storage needs. Reach out to our team today!