All Forum Posts by: Angela Garrison

Is it common for the property management company to request that they be listed as additional insured on the insurance policy for a small multifamily property (4 units)?

Different story if they are heating oil tanks. I would still start by contacting the state agency that regulates them and ask questions. In my state heating oil tanks are regulated by the division of solid waste.

I've not purchased one but work in the industry. Assuming this is a petroleum tank, I would recommend contacting the state agency that does the UST inspections. They are required by federal law to be inspected at least once every three years but each state has their own program. I would go in and review the file and make a copy, if possible, so that you could have an environmental person look at it. Find out how the last inspection went and find out if they have had any releases in the past.

If you are planning on keeping the tanks active, I would require a systems test to make sure they are not leaking. Closing them can be expensive and if contamination is discovered at closure, that can be really expensive. Good luck!