The Risks Associated With Abandoned
Underground Oil Tanks
Tanks that are not properly abandoned have often leaked in the past and are likely to be surrounded by contaminated soil.
Taking possession of a contaminated property means that you are responsible for the cleanup costs even though you may have no prior knowledge of the problem.
Cleanups are costly – ranging from $8,000 to up to $100,000! What’s more, most home insurers exclude coverage for leaking oil tanks so you wind up footing the bill.
Tanks that are empty and not properly backfilled with sand or gravel can inadvertently collapse and create a dangerous sinkhole. Most municipalities take immediate action to make the area safe.