September 5, 2001 by Canadian Underwriter
The Insurance Bureau of Canada (IBC) has endorsed recommendations in the Report on Domestic Oil Tank Spills submitted to the Newfoundland government, which calls for regulations on the proper installation and maintenance of oil tanks.
“We agree the recommendations will guard against oil tank spills in the first place and will avert environmental and health concerns and reduce costly insurance claims,” says IBC Atlantic region vice president Don Fogeron.
Last winter, about 600 spills were reported in the province, he adds. Insurance claims from oil tank spills now rank as the fourth highest category of claims after fires, water damage and theft.
The IBC was represented on the multi-stakeholder committee that drafted the recommendations calling for both regulations and enforcement measures. The Bureau has also released consumer education materials on the installation and maintenance of domestic oil tanks.