Property Remediation for Liquid Fuel and Limited Escaped Fuel Liability Coverage
Homeowner's Insurance policies typically provide coverage for damages caused by fire, theft, burst pipes, and weather events such as hurricanes. However, not all policies provide coverage for damages caused by liquid fuel spills. That's where the Property Remediation for Liquid Fuel and Limited Escaped Fuel Liability Coverage endorsement comes in. We have seen a few horrific fuel spill incidents in the news recently. The cost for a cleanup is astronomical! In this blog, we will discuss this endorsement and why it is important for homeowners.
What is the Property Remediation for Liquid Fuel and Limited Escaped Fuel Liability Coverage Endorsement?
The Property Remediation for Liquid Fuel and Limited Escaped Fuel Liability Coverage endorsement is an add-on to your Homeowner's Insurance policy that provides coverage for damages caused by liquid fuel spills. This endorsement is particularly important for homeowners who store liquid fuel on their property, such as oil tanks for heating.
Why Do You Need this Endorsement?
Many homeowners have older oil tanks used for heating. These tanks can sometimes leak or spill, causing significant property damage and environmental pollution. If this happens, the cost of remediation can be expensive.
In addition, if your property is located near a body of water, such as the ocean, a river, or a lake, a fuel spill can cause significant harm to the ecosystem and result in environmental liability issues. The Property Remediation for Liquid Fuel and Limited Escaped Fuel Liability Coverage endorsement can help cover the costs of property remediation and environmental liability, giving you peace of mind.
What Does this Endorsement Cover?
The Property Remediation for Liquid Fuel and Limited Escaped Fuel Liability Coverage endorsement typically covers the costs of:
- Removing and disposing of contaminated soil
- Cleaning up any contaminated water sources
- Repairing or replacing any damaged property, such as driveways and foundations
- Liability for damages caused to neighboring properties or the environment
The coverage limit for this endorsement varies depending on the insurance carrier and the coverage options you choose. We recommend purchasing the highest available limits which are typically a nominal increase in premium.
How Can You Get this Endorsement?
If you're interested in adding the Property Remediation for Liquid Fuel and Limited Escaped Fuel Liability Coverage endorsement to your homeowner's insurance policy, give us a call. We can provide you with more information about the coverage options available and help you choose the right coverage limit for your needs.
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