We have a special program for Ohio risks with underground storage tanks (USTs). In the state of Ohio, owners of petroleum underground storage tanks must prove that they have the financial ability to pay for the damage their USTs may cause.
To satisfy Ohio’s financial responsibility requirements, all petroleum UST system owners and operators must do two things:
Participate in the Ohio Financial Assurance Fund (administered by the Petroleum UST Release Compensation Board PUSTRCB) to obtain coverage above a deductible amount. The standard deductible is $55,000; owners of six or fewer tanks may pay a higher premium to obtain a reduced deductible of $11,000.
Demonstrate Financial Responsibility for the amount of the deductible by using one of the 6 methods cited in Ohio Revised Code (OAC) 1301:7-9-05. Owners/operators must prepare and maintain (AT ALL TIMES) a copy of their financial responsibility mechanism. By law, owners/operators must be visited once every three years and checking financial responsibility requirements is included.
UST deductible coverage is one of the approved methods for demonstrating financial responsibility. The insurance company will pay the deductible amount if corrective actions are needed. UST Deductible Coverage is offered at $11,000 or $55,000.
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