What is the minimum insurance coverage required per claim or occurrence?

The minimum insurance coverage required per claim or occurrence is set at $500,000. This amount is established to ensure that there are sufficient financial resources available to cover potential damages or liabilities arising from incidents related to heating oil tanks. The substantial coverage helps protect both the environment and public health, as leaks or spills can lead to significant cleanup costs and damages.

Having this level of insurance is crucial for operators and supervisors in the heating oil tank industry, as it demonstrates financial responsibility and compliance with regulatory requirements. Organizations must hold adequate insurance to mitigate risks associated with storing and handling heating oil, which can prove to be environmentally hazardous if not managed properly.

In summary, the choice of $500,000 aligns with the regulatory framework aimed at promoting safety and financial accountability in the handling of heating oil tanks.