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Philadelphia Insurance launches self-service platform for storage tank policies

The EPA estimates there are more than one million above- and underground storage tanks nationwide, with cleanup costs from leaks potentially reaching millions.

Reported · Written up by our desk · Industry & Deals

Philadelphia Insurance Companies, or PHLY, announced the launch of PHLY TankEAS, a self-service online platform designed for agents and brokers to quote, bind, and issue admitted storage tank environmental policies under its STEP program.

The platform aims to cut manual steps for coverage tied to above-ground and underground storage tank exposures, which PHLY said remain exposed to persistent environmental liability risk.

The company pointed to U.S. Environmental Protection Agency estimates that there are more than one million storage tanks nationwide holding petroleum or hazardous substances, with cleanup and remediation expenses from leaks that can run from tens of thousands to even millions of dollars.

PHLY TankEAS is available for qualifying admitted business in all states and jurisdictions except Alaska, California, Kentucky, and Louisiana, and it covers remediation expenses, third-party bodily injury and property damage, and other environmental liabilities from covered releases.

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