Why should I get oil tank insurance?
Did you know that each year in the UK, around 3,000 oil spill pollution incidents occur which are reported to the environmental regulators? Many of these incidents could be prevented by taking simple steps, such as ensuring that oil tank systems are installed and checked on a regular basis by OFTEC oil technicians, and that any defects or faulty equipment identified are dealt with promptly.
Recognising the risk that homeowners face, Oil Spill Insurance is launching HomeSpill, a stand-alone policy which, amongst other things, will cover the costs of a 24/7 spill response and emergency clean-up by registered specialists. Cover will also be provided for tracing and accessing the source of the leak, temporary heating, restoring soft landscaping and third-party liabilities up to policy limits. Policy limits of £100,000 or £250,000 will be available to purchase.
Before cover is provided, OFTEC registered tank installers and boiler engineers will be utilised to carry out the initial tank systems inspections and any remedial works, and then engaged annually thereafter.
The Benefits of Investing in Oil Tank Insurance
Environmental Protection
An oil spill can lead to soil and water contamination, potentially harming local ecosystems and water sources. Oil tank insurance provides coverage for containment, clean-up, and remediation, helping mitigate environmental damage.
Financial Security
The cost of cleaning up an oil spill, especially if it spreads to neighbouring properties, can be substantial. Oil tank insurance ensures you’re not left with a significant financial burden by covering clean-up, repair, and liability costs.
Peace of Mind
Knowing that you have comprehensive coverage in place allows you to relax, secure in the knowledge that any unexpected issues related to your oil tank system can be managed swiftly and professionally.
Support During Emergencies
With HomeSpill, you gain access to a 24/7 spill response team, ensuring prompt action to minimise damage and prevent further environmental impact.
What Types of Coverage Are Available for Oil Tank Insurance?
Home Insurance:
Outlined below is an example of home insurance cover provided by AXA Insurance for oil leaks. Refer to your schedule for specific details, including any overall limits that may apply.
Accidental Damage Cover:
If your home insurance policy includes accidental damage cover, you’re protected against oil leaks caused by accidental damage to tanks or pipes. This cover is particularly useful for sudden, unexpected damage that may lead to a leak.
Trace and Access Cover:
Trace and access cover helps cover the cost of locating and accessing the source of an oil leak within your property. This can include removing and replacing necessary fixtures or fittings to address the leak.
Oil Contamination Cover:
If included, oil contamination cover protects against costs associated with cleaning up oil spills that have contaminated your property or neighbouring areas. This cover often extends to damage caused by the leak, including soil, water sources, and plant life.
How Can I Find a Quote From a Reputable Company for Oil Tank Insurance?
To find a reliable quote, start by researching insurance companies that specialise in environmental or property protection. Look for those that offer oil tank insurance policies with clear terms on spill response, clean-up, and liability. It’s also worth checking customer reviews and consulting insurance comparison websites to find a competitive rate that offers the level of coverage you need. Be sure to ask about their claims process, policy limits, and what’s included in standard versus premium options.
How to Start an Oil Spill Claim
Contact Your Insurance Provider:
Notify your insurance provider as soon as possible. They’ll guide you on next steps, including any immediate actions you should take to contain the spill.
Document the Incident:
Take photos and note details about the spill, including when you discovered it and any apparent causes. This documentation will be helpful when processing your claim.
Initiate the Clean-Up Process:
Your insurer will often have a list of approved specialists to handle the clean-up. Working with a registered professional not only ensures the job is done correctly but also meets the requirements of your insurance policy.
Submit Necessary Documentation:
Complete any forms or provide additional information your insurer requests to finalise the claim. This may include inspection reports, repair receipts, and evidence of the clean-up.