Oil Tank Insurance
Oil Tank Insurance in Canada's Northern Territories
If you heat your home with oil in Yukon, Northwest Territories, or Nunavut, your oil tank is a significant liability risk. Oil spills from a tank can create very expensive financial and environmental harm, typically in the tens of thousands of dollars to remediate. Nation North recently added specialized Storage Tank Liability Coverage by Markel Insurance to assist Canadian territory homeowners in protecting themselves from unexpected costs arising from oil tank failure.
Get a QuoteThe Hidden Risk of Home Heating Oil Tanks
Oil tanks deteriorate with rust, corrosion, and exposure to extreme temperature changes common in northern environments. In the event of a leak, heating oil contaminates soil, ground water, and neighboring properties. Site cleanup alone can range over $50,000 without damage to other properties and attorney fees.
Why Standard Home Insurance Isn’t Enough
Most homeowners assume that their home insurance policy will guard them against oil tank accidents. Unfortunately, standard home insurance policies provide little, if any, coverage for oil tank leaks or spills. This leaves you with all the cleanup cost, environmental impacts, and legal liability in the event of contamination of neighboring properties.
Protect Your Property Before a Leak Happens
Nation North makes it easy to get comprehensive oil tank coverage. Our experienced brokers will help you secure Storage Tank Liability Coverage that best fits your needs. We understand the unique situations of homeowners in Canadian territories. Get a quote and relax knowing your home and finances are covered against unexpected oil tank failure.
What Does Oil Tank Insurance Cover?
Storage Tank Liability Coverage by Nation North provides full coverage for eligible home heating oil tanks. Your coverage reimburses you for environmental cleanup costs when heating oil leaks into the soil or groundwater, such as from overfill. You’re also protected against damage to your property or neighboring properties from leaking oil. Liability defense against lawsuits protects you if third parties sue you for soil/ground water contamination.
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Affordable Protection: Coverage Options and Costs
Nation North offers Storage Tank Liability Coverage as a stand-alone option with straightforward pricing. Get $1 million of coverage for just $500 per annum, or choose $2 million of coverage for $1,000 per annum. This specialized coverage is wonderfully affordable considering cleanup costs easily run $30,000 to $100,000 or more. Protect your most important asset with coverage specifically designed to protect against the risks you face as an owner of oil tanks.
Frequently Asked Questions
No, the majority of standard home policies do not provide much or any coverage for oil tank leaks or environmental spills. You will need to have specialized Storage Tank Liability Coverage to protect yourself against such perils.
Cleaning up is costly and varies by size of contamination but typically ranges from $30,000 to over $100,000. Cleaning up consists of soil removal, groundwater cleanup, environmental surveys, and restoration work.
Yes. While new tanks also fail due to manufacturing defects, poor installation, or exterior damage. Insuring early will give you continued protection as your tank ages.