Is Your Tank Warranty Running Out?
The typical warranty on a tank is 30 years. If you suspect the warranty on your oil tank is about to run out, what do you do? Whether you’re having issues with it or not, here are some important considerations on tank warranties. Many tanks are coming up on – or surpassing – their warranty periods throughout the country, putting tank operators in a bit of a quandary. What does this mean for you? About 36 states provide environmental remediation programs to address tank releases at no or low cost to the operators. The other 14 states offer financial relief through some type of private insurance. According to Fuels Market News, nearly 60 percent of tanks are more than 20 years old. Nearly 40 percent are between 20 and 29 years old. Tank materials and construction vary by operator, but most are comprised of fiberglass and steel. But beyond that, there isn’t much data out there as to exactly how many out-of-warranty tanks remain out there, which ones have had problems, and whether there is a correlation between tank age and useful life span. Unfortunately, this leads to a lot of guesswork, but it’s all we have right now. [...]