Third Party Liability Insurance applications (new and renewals) are taking a bit longer to process than in the past.
It is taking two-three days for new business applications processed and quotes received from insurance company. Quotes are sent to new business applicants within one business day of receiving from insurance company. New policies are effective the date postmarked on the remittance envelope or date received in TMS office, if delivered in person so plan accordingly for premium payment. From the time you submit your premium payment to TMS until the policy is issued may be two weeks or possibly a little longer.
Third Party Liability Insurance renewals are sent at least thirty days prior to expiration of policy. Please return your renewal application as soon as possible. Please do not wait until day of your expiration date to return renewal application as processing your application may be delayed. Completed and signed applications are submitted to the insurance for quotes within one business day of TMS receiving. Once you receive your quote, remit your payment immediately. Again, plan that from the time you submit your premium payment to TMS until the policy is issued may be two weeks or possibly a little longer. It is important that these guidelines are followed. If your policy is not renewed within 30 days of expiration, you will be required to complete a new business application and there will be a lapse in coverage from the expiration date on the expired policy until the effective date on the new policy.
It is important you keep your UST third party liability insurance active on all underground tanks you own or operate. Even if you no longer use the tanks, as long as they are in the ground they must be insured.
If you have any questions regarding third party liability insurance contact Judy Menke at the TMS office or your business insurance agent.