Lower your UST Operating Costs
Owners and operators of underground storage tanks (UST) in Michigan have the opportunity to dramatically lower their UST operating costs by replacing their UST insurance with the new Michigan Underground Storage Tank Authority (MUSTA) fund; however, the March 31, 2016 deadline for applications is fast approaching, so don’t delay.
The UST fund program has a standard deductible of $50,000; however, UST owners with seven tanks or less can reduce their deductible to $15,000 per release. Along with other applications, the “Claim Deductible Buy-Down Application” can be submitted to reduce your deductible. The cost of the buy-down is $500 per tank annually. All of these applications must be approved by the Michigan Underground Storage Tank Authority (MUSTA), but applications for the deductible buy-down must be submitted by the end of this month for 2016 claims. AKT Peerless’ previous blog provides helpful links on the MUSTA program, so please visit our recent blog post at this link:
It is important that UST owners understand the reimbursement process and the eligible costs for clean-up efforts. In addition to meeting financial responsibility requirements, the UST Fund can be used to reimburse owners for costs associated with completing clean-up activities for qualified releases that occurred after December 30, 2014. Brian Eggers, a principal at AKT Peerless and Chairman of MUSTA, participated in a Michigan Chamber of Commerce webinar that provides key details of the MUSTA program. You can view this webinar at this link:
AKT Peerless can help you navigate the MUSTA Fund process. Contact any of our Michigan offices for additional information and assistance at 800-985-7633 or reach out to me directly at 517-930-3725 or via email at Hoehm@aktpeerless.com. At AKT Peerless, we work smartly and efficiently to create “A Better Environment for Your Business.”