New Day Places Coverage for Petroleum Tank Farm
New Day was working with a broker partner who had taken over a placement on a large petroleum product tank farm. At the time that New Day became involved there were two policies in place – the primary and the excess. New Day was tasked with placing the excess portion.
Located in a waterway in the State of Washington and accessible by water, rail and truck, the insured provides bulk liquid storage and supplies fuels, lubricants, and other products and services to industry in the Pacific Northwest.
Several markets were interested in providing coverage on an excess basis for this Insured and New Day went into the marketplace seeking $25 million in excess limits. New Day found a carrier who would follow form with the primary player. Due to extenuating circumstances, New Day was unable to participate in the primary placement, however was able to provide guidance on what coverage enhancements were needed to fill the gaps in the primary policy.