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Chubb launches enhanced TankSafe system for brokers

In View Summary

In the US, Chubb has launched a technology platform called TankSafe for brokers in the management of commercial underground and above ground storage tank insurance. The platform is offered by Chubb’s environmental business unit in combination with Premises Pollution Liability and Contractor Pollution Liability coverages.

The system is real-time and fully-automated and has been developed to make broking processes more user-friendly and efficient for retail and wholesale brokers.

The TankSafe platform is designed for easy management of commercial underground and above ground storage tank insurance

Chubb has been underwriting storage tanks online since 2003 and now with TankSafe, it can combine underground and above ground storage tank coverage in a single policy that is available on an admitted basis to brokers in all 50 states across the US. The platform is available via Chubb’s proprietary Worldview Commercial Producer Portal with an aim to provide the brokers with a centralised platform for new business quotes, renewals, and mid-term changes.

The features include:

  • Real-time access via a smartphone and tablet
  • Geo-location tank mapping functionality, which readily identifies each scheduled location
  • The ability to quote up to three deductible options at one time, which helps expedite a customer’s ability to review and select coverages as per their needs and budgets
  • Centralised storage tank information administration and management

According to Craig Richardson, Executive Vice President, Chubb Environmental: “For more than 15 years, Chubb has helped commercial companies of all sizes identify and fill potential coverage gaps and mitigate the risks associated with tank ownership and management. This latest enhancement provides both retail and wholesale brokers with greater control over their storage tank programs, ultimately providing tank owners and operators with the integrated financial responsibility coverage and technology solutions they need.”

The Digital Insurer's View

Today with the growing awareness of environmental liability risk exposures, there has been a rise in the demand for environmental liability insurance solutions. What is fuelling this demand is that any leakage or pollution could result in an immediate imposition of liabilities on those working in the industry.

Chubb’s solution plays a critical role to help businesses safeguard themselves from these expensive exposures and also help them in becoming more environmentally responsible.

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