Some insurance policies for residential and commercial properties might include coverage for a contamination event. Some commercial property insurance policies require it to be included, for certain types of construction, or a company that needs to store fuel or industrial chemicals on site.
This isn’t always the case with some single-family, residential homeowner’s insurance policies. However, it is still worth a phone call to your agent to see if there is some level of coverage in place. Some premium policies might even have a high percentage of coverage, especially if an existing tank was noted in the disclosure process when you purchased the property.
Other insurance factors could vary depending on the length of time you have been with the carrier, time-sensitive provisions in your policy, or other liability issues. Hydroscience Group’s specialists can help guide you and any other third parties through the process, to ensure that you get the maximum amount you are entitled to from your insurance policy.
In many cases, where coverage is not provided by insurance or some other type of legal covenant, there might be public assistance programs available.
The New Jersey Department of Environmental Protection (NJDEP) formed the Environmental Claims Administration (ECA) program, financed by the New Jersey Spill Compensation Fund (Spill Fund), to help innocent individuals, businesses, and local governments suffering direct or indirect damages from the discharge of a hazardous substance.
The Hazardous Discharge Site Remediation Fund (HDSRF) provides financial assistance and grants for investigations and/or remediation of certain contaminated properties.
The Petroleum Underground Storage Tank (UST) Fund provides financial assistance in the form of loans and grants to eligible owners and operators for the closure and remediation of discharges from residential and other unregulated petroleum underground storage tanks and for the closure and remediation of State regulated petroleum underground storage tanks.
Our project managers can help guide you through this process by applying for and being reviewed for financial assistance on a needs basis. Please note that Hydroscience Group has no bearing on determining whether or not our clients will be awarded a grant or loan.