Multi-Policy — Petroleum Terminal Fire
A fire at a storage and terminal facility holding a range of volatile petroleum-based products spread through the site and released product into the adjacent waterway and onto neighboring property. Alongside significant property damage and business interruption, the company faced external liabilities, public health exposure and extensive environmental remediation.
With the loss reaching across many policies and carriers, the professionals of RT Forensic Accountants were engaged to manage the financial side of the claim across the entire insurance program.
- Industry
- Petroleum storage and terminal operations
- Peril
- Fire, with product released to the waterway and neighboring property
- Coverage
- Property, business interruption, liability and environmental coverages across a multi-carrier program
- Result
- More than $700 million secured, with interim payments throughout
The Loss
The fire damaged the facility and interrupted operations, while the release of product created liabilities well beyond the site: third-party property damage, public health exposure and environmental remediation. Each element fell under different policies, carriers and adjusters, with overlapping coverages that had to be navigated deliberately.
The Process
We documented every component of the loss and coordinated the company’s internal teams with outside resources. We also served as the single point of contact for the many adjusters, subject matter experts and carrier-appointed representatives, giving every party one orderly process for requests and responses.
The Results
Working with claims representatives from the carriers across the program, we secured more than $700 million for the company. Interim payments met its ongoing cash flow needs while the claim developed, and recovery was maximized under each policy.