We provide pollution liability insurance to owners and operators who store petroleum products in underground or aboveground tank systems. At any given time, we are insuring about 3,500 properties with one or more underground storage tanks (USTs) or aboveground storage tanks (ASTs) in use.
Coverage is provided for costs of cleanup and third-party damages and meets state requirements as a “financial responsibility” mechanism. A $10,000 deductible applies to each incident, with limits of $1 million per incident and $2 million annual aggregate.
In addition to insuring tanks currently in use, the PSTIF also provides funds to clean up certain properties where USTs or ASTs were taken out of use by December 31, 1997, if the tank site was reported to the State by that date. (These are referred to as “remedial claims.” The PSTIF was not the “financial responsibility mechanism” for owners/operators of tanks at these sites.)
Revenues for the Fund come primarily from a “transport load fee,” which is currently $20 per 8,000 gallons, assessed on each load of petroleum brought into Missouri. Annual “participation fees” are also charged for insurance coverage.
The program is managed by an eleven-member Board of Trustees appointed by the Governor with advice and consent of the Senate.
An Advisory Committee, comprised of professionals from the petroleum industry, insurance industry, environmental consulting industry, and the legal profession assists and advises the Board. The Department of Natural Resources and the Department of Agriculture also participate on the Committee.
The PSTIF Board currently contracts with a private company, Williams & Company Consulting, Inc., to provide various services, including receiving and processing applications for insurance coverage, sending renewal notices, and receiving and processing claims.
State law specifies that the PSTIF Board of Trustees will no longer collect fees or provide insurance coverage after December 31, 2020, but will continue in existence to pay runout claims.
DISCLAIMER: This site has been prepared for the purpose of providing information about the Missouri Petroleum Storage Tank Insurance Fund. Nothing in this site would take precedence over the laws or regulations that govern this fund.