Underground Storage Tanks: The Best Risk Management Starts with the Right Strategy

Your Underground Storage Tank (UST), that thing lurking just below the surface of your property . . . the one you'd rather not think about . . . is likely to leak or may already be leaking. When will it surprise you with a $100,000+ clean-up bill?  Is your insurance going to protect you?  Will your UST problem prevent you from selling your property?  Will it chase you into retirement?  Will it delay your retirement plans?  Will it complicate your management transition plans? 

Ignoring Your Underground Storage Tank Won't Make it Go Away

  • While it's tempting to put off addressing your UST, doing nothing is usually more costly.
  • If there's a leak, it's cheaper to fix it early rather than wait until a cleanup is forced on you.
  • Waiting increases the odds that your insurance can lapse, not cover the full cost of your clean up, or even be cancelled.

Adopt a Comprehensive Strategy

At BLDI, we understand that your UST isn't an isolated issue.  Rather, it's often the greatest single factor affecting the value of your property and the value of your business.  It influences your ability to refinance your loan or enter into a sale.  That's why we begin every UST inquiry with a free, no obligation, 360º consultation to help you plan how to approach your UST.

We examine:

  • The history and design of your UST
  • Your insurance policy
  • Your personal, business, and financial goals
  • Your future plans to refinance, sell, or retire

 

The Inspection Phase can Sink … or Save … Your Business

The biggest mistake many owners make is to take the advice of their environmental consultant and barge ahead with inspections before they have a plan in place.  Your insurance coverage can be invalidated by

  • Damaging the UST system
  • Improper or inadequate notices to the insurance company
  • Documenting releases (leaks) in the wrong way. 

 

Without the proper strategy and advice, you can be left on the hook for an extra $100,000, $300,000, or even $500,000 in clean up expenses ($150,000 average cleanup cost according to the 1995 State of Michigan survey).

The care we take in how we inspect UST's, and our experience in documenting claims, has saved our clients millions of dollars.  In an industry where few claims are paid, every client of ours has had their insurance pay the vast majority of any environmental clean-up expenses.

Your Underground Storage Tank Doesn't Need to be Your Undoing.

We’re here to help you strategize a course of action for being in the best possible situation *when* it’s time for you to deal with your underground storage tank.

For questions, or to request more information about your underground storage tank, your business transaction, your insurance, or any related topics, please call Joseph Berlin, PE, CP at 616-459-3737.