We
Need Your Number
All of
Missouri state government, including PSTIF, will begin using a new
accounting system on July 1, 1999. The state's old software has done
its job for 20 years Ñ the new system will be faster, more user-friendly,
and fully prepared for the Year 2000.
One change
imposed by the new system is that all claim payments and participation
fee refunds will require your Social Security number or Taxpayer Identification
Number (TIN). Our staff is working to gather that information
now, so please respond to their requests for this information if you
have a pending claim. Otherwise, we can't send your check!
The new
system will allow us to use Electronic Funds Transfer (EFT), if you
wish, to send you money. Watch for more information in your mail or
future newsletters.
Board
Proposes Rules
After
nearly two years of work, the PSTIF Board of Trustees has published
proposed regulations to assist property owners and tank operators
in understanding the Fund's procedures and policies. The regulations,
published in the May 3 issue of the Missouri State Register, contain
little new information. Rather, they consolidate many of the Board's
decisions and the operating practices of the Fund into a single set
of official state rules.
A public
hearing on the rules will be held at 10:00 a.m. on June 16 in Room
850 of the Truman State Office Building, 301 W. High St., Jefferson
City. In addition, written comments are being accepted until midnight
on June 26, 1999.
A copy
of the regulations is available by calling the Board's office at 573-522-2352.
Don't
Get "Naked!"
It was
an old facility, and only marginally profitable. A year ago, you evaluated
the cost of upgrading the underground tanks versus the slim profits
generated by the operation, and made the decision to close it. You
emptied the tanks and hung the "Closed" sign on the door.
Now you've
received a notice from PSTIF that it's time to renew the insurance
policy on the closed station. Can you keep it insured? Should you
keep it insured? How do you renew coverage without leak detection
records?
A number
of tank owners have contacted us recently, inquiring about situations
like this. As more time passes and the insurance policies come up
for renewal on facilities that were closed last year, more owners
will face this question.
There
is a clear answer: MAKE SURE YOU REMOVE THE TANKS OR TEST THE SITE
FOR CONTAMINATION, BEFORE YOUR INSURANCE POLICY LAPSES.
The key
is to find out if you have a claim - and make that claim - before
coverage lapses. Once you make a claim under your insurance policy,
PSTIF will pay to complete the cleanup regardless of how long it takes
or whether your policy subsequently lapses.
If you
fail to do this - and your coverage lapses before you find out if
the site is contaminated, THERE IS NO WAY PSTIF CAN PAY FOR YOUR CLEANUP
if your tanks were used after December 31, 1997.
PSTIF
underwriting staff is prepared to work with you, and has some flexibility
- though not unlimited - in the timing of your policy lapse date.
Remember, DNR regulations require that tanks which are out of service
be removed after twelve months. So be alert! Pay attention to cancellation
notices from PSTIF! The last thing we want to see is someone who bought
insurance for years suddenly "naked" - that is, without
coverage just when you need it most.
AST
Regulations
Amendments
to current AST regulations were published by the Department of Agriculture's
Division of Weights and Measures on May 17. Significant changes include:
A phase out of riveted tanks by 1/1/04, leak detection requirements
for piping, prohibition on plastic sight tube gauges and updated references
to national fire codes.
The proposed
rules also address dispensers and measuring devices on all tanks,
and meters on tank trucks and tank wagons. Comments on the proposals
must be received by June 16.
Fund
Balance Drops - And That's Good!
For the
first time in its history, PSTIF is paying more money out than it
receives each month. Nearly $4 million in claims will be paid in this
quarter alone, exceeding the entire payout from the Fund in its first
five years of existence.
The Board
is pleased that the funds are being used for their intended purpose,
and is monitoring cash flows to be certain adequate funding is available
to meet the Fund's obligations during its anticipated life.
Latest
Leaks is a newsletter of the Missouri Petroleum Storage Tank
Insurance Fund.
Board
of Trustees
William
"Bart"Creech III, Chairman
Bob Abernathy, Vice Chairman
John Boehm
Sam Carter
Neal A. Gibbons, Sr.
Ron Hooker
Robert "Bob" Jackson
Steve Mahfood
Don Shaikewitz
Katherine "Katie" Wesselschmidt
G. Brad Williams
Executive
Director
Carol R. Eighmey
PO Box 836
Jefferson City, MO 65102
573-522-2352
Third
Party Administrator
Williams & Company Consulting, Inc.
1-800-765-2765
Send
address changes to:
PSTIF, PO Box 104116
Jefferson City, MO 65110
Back
to Top
