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 provided by the Petroleum Storage Tank Insurance Fund includes costs of cleanup and third-party damages and meets state and federal 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, the PSTIF 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.)
The Fund is financed primarily with a fee of $20 per 8,000 gallons, assessed on each load of petroleum brought into Missouri. Annual fees are also charged for insurance coverage.
The program is managed by a Board of Trustees.
In addition, an Advisory Committee, comprised of various professionals with expertise in the petroleum business, insurance, environmental consulting and contracting, and law 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 Third-Party Administration 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 PSTIF. Nothing in this site would take precedence over the law or regulations that govern this fund.