Touchstone and Oil Spill develop specialist oil spill cover

Specialist environmental schemes provider, Oil Spill Insurance Services, has teamed up with Touchstone Underwriting to develop an environmental insurance policy for commercial above ground oil storage tanks -- of which there are over one million in Great Britain.

Workspill provides specialist emergency response to minimise environmental damage, provide cover for statutory clean-up costs and third party liability including legal defence costs in the event of an oil spill from an insured tank.

Judy Hadden of Oil Spill Insurance Services comments: “If a business owns or operates an oil storage tank, they most certainly have an environmental liability risk. Most business insurance policies do not cover environmental damage and the resultant clean-up costs following a spill from an oil or fuel tank, particularly if such damage is caused by a gradual event such as a leaking underground pipe”.

Among the most common causes of pollution in the UK, around 3,000 pollution incidents involving oil and fuels are reported to the environmental regulators each year, and if a spill from an oil tank causes or threatens to cause environmental damage there is a strict liability under environmental law to clean it up.

    Share Story:

Recent Stories


Financial institutions were early adopters of cyber security and insurance. Are they still on top of the game?
Managing huge amounts of sensitive data online makes financial institutions a prime target for hackers. As such, the sector was an early cohort for insurers in creating cyber cover. Since then, the market has evolved almost beyond recognition. It continues to challenge itself to this day, complying with rigorous regulatory demands and implementing avant-garde enhancements to keep abreast of the ever-changing risks. Published June 2021

Manufacturing: An industry at risk amid great technological change
Of the many sectors of business, manufacturing companies are among the most at risk from cyber threats. How has the sector evolved to make it so vulnerable and what does the task of managing cyber exposure in a manufacturing company look like? CIR’s latest podcast with Tokio Marine HCC sought to answer all these questions and more. Published April 2021

Advertisement