Petroleum Cleanup & Liability Coverage
The Idaho Petroleum Clean Water Trust Fund, administered by the Petroleum Storage Tank Fund (PSTF), is a state-created, not-for-profit insurance organization that provides coverage for approved petroleum cleanup costs and valid third-party claims resulting from covered accidental releases commencing during the policy period.
Think you could afford the cleanup bill if your storage tank leaked?
Petroleum spills and leaks account for a significant number of costly environmental problems. Cleaning up contaminated soil and groundwater can be a very expensive undertaking. In addition to being held financially responsible for petroleum cleanup costs, owners of leaking tanks may also be liable for third-party bodily injury and property damage.
Commercial and homeowner policies may not provide environmental liability coverage.To protect yourself from a costly spill, PSTF offers affordable coverage for:
- PSTF's insurance policy provides coverage on an "occurrence" basis, which means that once a tank is insured, accidental releases that occur while the policy is in force may be covered even if the release is not discovered until a later date.
- PSTF's insurance contract may be transferable to a new owner upon sale of the property without any lapse in coverage (if all underwriting requirements are met).
- A reimbursable deductible allows PSTF to pay the first dollar of cleanup costs and compensatory damages to third parties for valid bodily injury or property damage claims. This enables PSTF to react quickly to monitor the cleanup process and to pay cleanup costs as they are incurred. Tank owners or operators are not required to pay the cost and then wait for reimbursement.
- PSTF coverage satisfies the financial responsibility requirements imposed on tank owners.