Dear Valued Customers,
It’s been a crazy year and we hope this newsletter finds you well. Today, we bring you a crucial legislative update that impacts Underground Storage Tank (UST) owners and operators in California. Assembly Bill 1115 (AB 1115) has been enacted, extending the deadline for the UST Cleanup Fund and related programs. Key Provisions of AB 1115:
For further details or inquiries related to AB 1115, we encourage you to visit the official California State Legislature website or contact the relevant regulatory authorities. We will continue to keep you updated on developments that may impact your business or industry. Roofing Maintenance Reminder: We also want to take a moment to remind our valued customers about the importance of maintaining your building's roofing system. ALL insurance companies are now asking, on buildings that are over 30 years old, when was the roof either updated or replaced. A well-maintained roof is crucial for safeguarding your investment and ensuring the longevity of your property. Key Roofing Maintenance Tips:
A well-maintained roof not only protects your property but also gets you in better favor with the insurance carriers. We encourage you to prioritize roofing maintenance as part of your ongoing building management strategy. We thank you for your business and wish everyone a happy Thanksgiving
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To All Our Customers,
We believe most of you should have received the below notification from the California super cleanup fund. As you are aware, every Gas station has been paying 2 cents per gallon for this coverage / financial responsibility. The good news, as of January 01, 2026 you will no longer be charged on your lading invoice the 2 cents, the bad news is you will need to have in place by December 31, 2024 an Insurance policy to show or prove you have “Financial Responsibility ” coverage. SUBJECT: Underground Storage Tank (UST) Financial Responsibility Requirement Changes Effective 2024 This letter is to inform Underground Storage Tank (UST) owners and operators of future changes related to Financial Responsibility Requirements and the UST Cleanup Fund. Approximately 60% of UST owners and operators are currently using the UST Cleanup Fund as a part or full method of Financial Responsibility for UST systems. Effective January 1, 2026, the Cleanup Fund will no longer be available. UST owners and operators (except those at state or federally owned facilities) utilizing the Cleanup Fund as a mechanism for financial responsibility will be required to provide an alternate financial responsibility mechanism on or before December 31, 2024. UST owners and operators should be aware of the 2024 deadline and be diligent in finding other means for financial responsibility. Owner/operators of USTs that are older than 30 years should be aware that some insurance providers may be hesitant to cover these systems, so insuring these tanks may be more difficult. If you have questions about Financial Responsibility and the UST Cleanup Fund, please contact Kaniz Rahman at [email protected] or (909) 386-8401. As you are aware RKM Insurance has several Insurance Companies that will offer this coverage. Many of our customers already have in place and purchased this coverage and therefore it will be business as usual, you are in compliant. . However, for the rest of you who do not have this coverage in place, you will need to start thinking about purchasing a policy. These policies can range in cost from $500 to $5,000 or higher. This cost varies due in big part to the age of the tanks, the newer tanks (just like life Insurance) is fairly inexpensive, but when you get to the older tanks (20 years to 30 years) the price increases and once the tank is over 30 years it is more expensive and difficult to get coverage. The applications are fairly easy and we will be more than happy to assist you in completing them. The crucial information is how many tanks (Including underground oil tanks if applicable ) and the date they were installed. Please contact and we will be happy to start the process. |
RKM Insurance AGENCY
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