The Petroleum Storage Tank Insurance Fund was first established by the Missouri General Assembly in 1989, in response to federal legislation requiring owners and operators of underground storage tanks (USTs) to have financial resources available to pay for cleanup of spills and/or leaks from their tanks. Originally called the "Underground Storage Tank Insurance Fund," it began insuring owners and operators of such tanks in May 1992.

 
 

Since then, the Fund has insured more than 4,600 UST sites and 13,000 tanks. Coverage is provided for the costs of cleaning up a leak or spill, as well as third-party property damage or bodily injury resulting from spills or leaks. A $10,000 deductible applies to each incident, with a policy limit of $1 million per incident and $2 million annual aggregate.

In 1995, the Missouri Legislature expanded the responsibilities of the Fund to include cleanup of sites where USTs had been closed or where a spill/leak had occurred before the owner was insured by PSTIF.

In 1996, the program was again expanded to offer insurance coverage to certain aboveground storage tank owners/operators, and to pay for cleanup of properties where ASTs had previously operated. This same legislative amendment established a Board of Trustees to oversee the Fund and renamed it the Petroleum Storage Tank Insurance Fund (PSTIF).

The Board of Trustees established an Advisory Committee to assist and advise the Board on Fund operations. The Advisory Committee includes a variety of professionals from the petroleum industry, insurance industry, environmental consulting and contracting businesses, and environmental attorneys; also included are representatives from the Department of Natural Resources and the Department of Agriculture. The chairman is Mr. Steve Ayers, Ayers Oil Company.

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 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, receiving and processing claims, and other accounting and record keeping services.

Since its inception, PSTIF has paid out more than $225 million in claims, involving the cleanup of more than 2,400 properties. It continues to be one of the largest insurers of tanks in the country, with about 3,600 policies in effect at any one time.

State law specifies that the Fund will expire on December 31, 2020.

To contact the PSTIF, write to PO Box 104116, Jefferson City, MO, 65110, or call 1-800-765-2765.

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 rules or regulations that govern this fund.

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