Markets/Coverages: Philadelphia Insurance Debuts Platform for Storage Tank Policies

Philadelphia Insurance Companies (PHLY) announced the launch of PHLY TankEAS, a self-service online platform that allows agents and brokers to quote, bind, and issue admitted policies for eligible risks under PHLY’s Storage Tank Environmental Policy (STEP) program. The portal reduces manual steps in the insurance process for above-ground and underground storage tank exposures. The launch comes as storage tank owners and operators face persistent environmental liability risk. The U.S. Environmental Protection Agency (EPA) estimates there are more than one million above and underground storage tanks nationwide storing petroleum or hazardous substances. Cleanup and remediation expenses from leaks can reach tens of thousands—or even millions—of dollars, making proper insurance coverage critical for businesses with storage tanks. The PHLY TankEAS platform is available for qualifying admitted business in all states and jurisdictions, excluding Alaska, California, Kentucky, and Louisiana. The coverage addresses exposures related to remediation expenses, third-party bodily injury and property damage, and other environmental liabilities resulting from covered releases. Where applicable, coverage is also designed to be a method to satisfy client storage tank owner or operator financial assurance/responsibility requirements. Through PHLY TankEAS, the insurer says agents can: Receive an admitted quote in less than 10 minutes Upload large tank schedules using a simple Excel (.xlsx) template or manually enter tank information Generate and download location and tank schedules for client review before submission Access bindable quotes with multiple limit and deductible options Receive policy documents and certificates of insurance immediately upon binding Automatically receive quote and policy documentation via email, with records stored in the portal for future access Run reports and manage submissions, quotes, and policies through their MyPHLY account Was this article valuable? Thank you! Please tell us what we can do to improve this article. Thank you! % of people found this article valuable. Please tell us what you liked about it. Here are more articles you may enjoy.