If you are looking for a reliable and specialized insurance provider for your storage tank, vessel, or related product business, you might want to consider STICO Mutual Insurance Company Risk Retention Group.
This company is a member-owned insurance company that has been in operation since 1988, offering comprehensive coverage options, competitive premium rates, exceptional customer service, and tailored insurance solutions.
In this article, I will give you an overview of STICO Mutual Insurance Company, its history, products, services, and benefits.
STICO Mutual Insurance Profile
A risk retention group (RRG) is an insurance company owned by its policyholders, established under the federal Liability Risk Retention Act of 1986.
This law enables RRGs to operate in multiple states without being subject to each state’s regulations, as long as they comply with their state of domicile’s rules.
STICO Mutual Insurance Company is domiciled in Vermont, one of the most favourable states for RRG formation and operation.
Regulated by the Vermont Department of Financial Regulation and audited annually by an independent CPA firm, STICO Mutual Insurance maintains a rating of A- (Excellent) by AM Best, a leading insurance industry rating agency.
STICO Mutual Insurance Company President Colin Donovan rose to the position in 2015.
As STICO’s President, he is responsible for overseeing all insurance operations.
STICO Mutual Insurance Contact Information and Address
Here is some of the basic information you need to know about this company.
Phone Number
You can reach STICO Mutual Insurance at 1-800-852-8181 or 1-603-224-7422 to speak with a representative or agent.
Their phone lines are open Monday to Friday, from 8:30 AM to 4:30 PM EST.
Address
The mailing address for STICO Mutual Insurance is P.O. Box 4810, Concord, NH 03302-4810.
The physical address is 6 Loudon Road, Suite 501, Concord, NH 03301.
Customer Service Contact
You can contact STICO Mutual Insurance via email at info@stico.com or by fax at 1-603-224-7455.
Policy Details
STICO Mutual Insurance provides liability coverage for owners and operators of storage tanks, vessels, and related products.
This coverage encompasses bodily injury, property damage, cleanup costs, and legal defense expenses resulting from accidental releases of petroleum or hazardous substances from storage tanks.
The policy also covers third-party claims for bodily injury and property damage arising from the insured’s products or completed operations.
Email Address
Subscribe to the STICO Mutual Insurance email newsletter by entering your email address on the website’s homepage.
Receive updates on the latest news, events, and tips related to storage tank insurance and risk management.
Fax Number
Send documents or forms to STICO Mutual Insurance by fax at 1-603-224-7455.
Remember to include your name, policy number, and contact information on the fax cover sheet.
Operating Hours
STICO Mutual Insurance operates from Monday to Friday, 8:30 AM to 4:30 PM EST.
The company is closed on weekends and major holidays.
| Contact Information | STICO Mutual Insurance |
|---|---|
| Phone Number | 1-800-852-8181 or 1-603-224-7422 |
| Mailing Address | P.O. Box 4810, Concord, NH 03302-4810 |
| Physical Address | 6 Loudon Road, Suite 501, Concord, NH 03301 |
| Customer Service Email | info@stico.com |
| Fax Number | 1-603-224-7455 |
| Operating Hours | Monday to Friday, 8:30 AM to 4:30 PM EST |
| Policy Details | Liability coverage for storage tanks, vessels, and related products. Covers bodily injury, property damage, cleanup costs, and legal defense expenses. Also includes third-party claims for bodily injury and property damage. |
| Email Newsletter | Subscribe on the website for updates on storage tank insurance and risk management. |
STICO Mutual Insurance Company Products and Services
One of the main reasons why STICO Mutual Insurance is a trusted and preferred insurance provider for storage tank owners and operators is its core product: liability coverage for storage tanks.
This product is designed to protect the insured from the financial and legal consequences of accidental releases of petroleum or hazardous substances from their storage tanks.
How does this product work? It’s simple.
When you purchase a policy from STICO Mutual Insurance, you pay a premium based on the number, type, size, age, and location of your storage tanks.
In return, you get a coverage limit that represents the maximum amount that STICO Mutual Insurance will pay for any claim arising from your storage tanks.
The coverage limit can range from $500,000 to $10 million per occurrence and per policy period.
What benefits does this product offer to customers?
There are many benefits that make this product attractive and valuable to customers.
Here are some of them.
- Comprehensive coverage for bodily injury, property damage, cleanup costs, and legal defense costs resulting from accidental releases of petroleum or hazardous substances from your storage tanks.
- Coverage for third-party claims for bodily injury and property damage caused by your products or completed operations related to your storage tanks.
- Access to the STICO Mutual Insurance network of experts, consultants, and attorneys who can assist you in handling claims and minimizing losses.
- Discounts and credits for implementing risk management practices and complying with regulatory standards.
- Dividends and refunds based on the performance and profitability of STICO Mutual Insurance
What features and options can customers choose from?
There are several features and options that customers can choose from to customize their policy according to their needs and preferences.
Deductibles
Choose the amount you must pay out of your pocket before STICO Mutual Insurance covers a claim. Deductible options range from $0 to $100,000 per occurrence.
Endorsements
Customize your policy by purchasing endorsements. STICO Mutual Insurance offers several endorsements, including:
- Aboveground Storage Tank Endorsement: Extends coverage to aboveground storage tanks not regulated by federal or state laws.
- Underground Storage Tank Endorsement: Extends coverage to underground storage tanks regulated by federal or state laws.
- Pollution Liability Extension Endorsement: Expands coverage to pollution liability from non-storage tank sources, such as pipelines, vehicles, equipment, etc.
- Transportation Pollution Liability Endorsement: Extends coverage to pollution liability from the transportation of petroleum or hazardous substances by or on behalf of the insured.
As you can see,their core product is a comprehensive and flexible solution for storage tank owners and operators who want to protect their business from potential liabilities.
If you are interested in learning more about this product or getting a quote, please contact STICO Mutual Insurance today.
STICO Mutual Insurance Claims
To file a claim with STICO Mutual Insurance, follow these steps promptly.
First, notify STICO Mutual Insurance of the incident by calling 1-800-852-8181 or 1-603-224-7422 or emailing claims@stico.com.
You will receive a claim number and a dedicated claim representative to guide you.
Then, provide the following documents and information:
- A completed and signed claim form (available on the website or from your claim representative)
- Copies of your policy, endorsements, certificates of insurance
- Copies of any relevant notices or correspondence related to the incident (regulatory notifications, third-party claims, etc.)
- Copies of invoices or receipts for expenses incurred (cleanup costs, repair costs, medical bills, etc.)
- Any other supporting documents or evidence (photos, videos, reports, etc.)
Cooperate with STICO Mutual Insurance, its experts, consultants, and attorneys throughout the investigation and resolution of your claim, which may involve providing additional information, participating in interviews or inspections, or attending hearings or trials.
Once you have submitted your claim, await STICO Mutual Insurance’s review and decision, which will be based on policy terms, incident details, and applicable laws.
If your claim is approved, you’ll receive payment based on your policy’s coverage limit, deductible, and endorsements.
Payments can be made by check or electronic transfer to your bank account.
The duration of the claim process can vary, depending on the complexity and severity of the incident, typically ranging from a few days to several months.
Numerous customers have expressed satisfaction with STICO Mutual Insurance’s claim service.
STICO Mutual Insurance Partnerships and Affiliates
STICO Mutual Insurance excels not only in storage tank insurance but also as a partner and supporter of organizations that align with its values.
- The National Association of Storage Tank Professionals (NASTP): This trade association represents storage tank professionals and enjoys STICO’s membership and sponsorship. STICO actively participates in NASTP’s events and publications.
- The Petroleum Equipment Institute (PEI): STICO supports this trade association dedicated to the fuel and fluid handling equipment industry, participating in its conventions, seminars, and webinars.
- The Steel Tank Institute/Steel Plate Fabricators Association (STI/SPFA): As a contributor and member, STICO adheres to STI/SPFA’s standards, guidelines, and best practices.
These partnerships enhance STICO Mutual Insurance’s expertise, reputation, and industry network, benefiting its customers with quality products, services, information, and resources related to storage tanks.
Frequently Asked Questions (FAQs)
Here are some Frequently Asked Questions (FAQs) potential customers may have about STICO Mutual Insurance.
What is a risk retention group?
A risk retention group, owned by policyholders who share similar risks, can provide liability coverage without state insurance regulations, but it must comply with federal and state laws.
Why choose STICO Mutual Insurance?
STICO stands out for several reasons, including.
- Tailored coverage for your storage tank business
- Competitive rates and flexible payment options
- Dividends and refunds based on the company’s performance
- Access to experts, consultants, and attorneys
- Discounts for risk management practices and regulatory compliance
- Membership in a community of like-minded professionals
How can I get a quote from STICO Mutual Insurance?
You can request a quote by contacting one of their agents by phone, email, or online through [the website].
You will need to provide information about your storage tanks, such as number, type, size, age, and location, along with details about your business operations.
Conclusion
I hope you enjoyed reading this article and learned something new and useful about STICO Mutual Insurance Company.
If you are interested in more articles like this, please check out our blog for more related content on storage tank insurance and risk management.
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Jonathan Reed is not your typical insurance guru. He shuns the spotlight, preferring the quiet hum of analysis and satisfaction in problem-solving.
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Financial Risk Management, University of Toronto – Rotman School of Management
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