Victor, a global managing general underwriter, has introduced a new insurance program aimed at protecting US small businesses with storage tanks from losses due to pollutant releases. The program was developed in partnership with Aspen Insurance and is available to brokers on a non-admitted basis through Victor’s Professional Liability for Architects and Engineers practice. It offers up to $5 million in coverage limits across all US states and Washington, D.C., delivered via Victor’s digital platform, V2.
Kevin Collins, the Architects and Engineers Practice Leader at Victor, stated that “storage tank liability insurance is highly complex and requires specialized knowledge.” He emphasized that the new program provides "additional security, specialized underwriting expertise, and fast, easy access to coverage through V2."
Vanessa Cole, Senior Vice President and A&E Small Firms Program Manager at Victor, highlighted the benefits for small businesses: “With the Victor Storage Tank Liability program, small businesses can operate with confidence and peace of mind knowing they have added protection against costly cleanup and legal liabilities.”
The US Environmental Protection Agency mandates that storage tank owners must be able to pay for clean-up or cover third-party liability if a leak occurs. The costs associated with clean-up and liability can vary significantly.
Victor Insurance operates globally with offices in several countries including the US, Canada, UK, Netherlands, Germany, Italy, and Australia. The company manages over $4 billion in premiums annually through its network of more than 20,000 active insurance agents and brokers.