Important Information for Fuel Storage Tanks
June 10, 2022
With the price of fuel continuing to rise, thieves are targeting storage tanks. In Houston, thieves outfitted a Chrysler Minivan with a trapdoor to siphon gas straight from a gas station’s underground storage tanks. (Read more about that here.)
Most policies for gasoline stations and convenience stores exclude storage tanks and therefore the fuel that is stored inside.
So what does that mean for the store owner in Houston? Most likely, the theft (between $5,000 and $6,000) was not covered by the store’s insurance policy.
With a gallon of gas pushing an average of $5 this week, it would be worth reviewing your policy and potentially adding tank storage coverage with theft as included as a covered cause of loss.
It is also a good time for gasoline station or convenience store owners to review their security measures, and perhaps increase them. Security lighting, alarm systems, fuel locking systems, and signage are great ways to deter criminal activity. Finally, always note and report any suspicious activity to local authorities.