700.12 NFPA 70-2005: "Equipment shall be located so as to minimize the hazards that might cause complete failure due to flooding, fires,icing , and vandalism."
450.27 NFPA 70-2005: "Combustible material, combustible buildings, and parts of buildings, fire escapes, and door and window openings shall be safeguarded from fires originating in oil-insulated transformers installed on roofs, attached to or adjacent to a building or combustible material."
The code recognizes the fire hazards associated with oil-insulated transformers. I have personally witnessed two incidents where pad-mounted transformers caught fire. I also know that fuel-oil is a combustible material.
Unlike most NEC requirements the above referenced code sections are performance based rather than presciptive. In my opinion, space separation or fire-resistant-rated construction is necessary to protect the alternate power source from fires originating in the normal source.