For a variety of underwriting reasons, some self storage properties are more challenging to insure than others. Age of buildings, self storage experience of management, use of buildings, geographical location and loss history are all underwriting factors that are considered by an insurance carrier when evaluating the eligibility of a risk. Depending on the specifics of one or a combination of these factors, the underwriting decision may lead to coverage limitations and sometimes a declination to offer a quote.
Since 2008, both the frequency and severity of insurance claim costs due to severe weather have increased with the result that policy renewals are being non-renewed or renewed with limitations or higher premiums. Agents representing risks that may be viewed less favorably because of the locations’ underwriting characteristics may have to scramble to secure insurance coverage for their self storage accounts. Flexibility in policy design in reference to coverage and limits also may be required based on the needs of the specific risk.
In an effort to offer a viable solution for facilities facing these types of challenges or requiring a more unique policy design, MiniCo Insurance Agency has introduced a new property only insurance program through Lloyd’s of London syndicates. The property coverage may be combined with a monoline general liability policy with self-storage specialty coverages. Insurance agents and policyholders will benefit from MiniCo’s concierge customer service and knowledgeable underwriters, and claims will be handled by the company’s experienced in-house staff.
Additional information about MiniCo’s property insurance program for challenging self storage properties may be found at www.minico.com/selfstorageproperty or by calling 800-447-8383.
About the Author:
Mike Schofield is the President and CEO of Phoenix-based MiniCo Insurance Agency, LLC, which was founded in 1974 as a provider of specialty insurance products and publications for the self storage industry. Today the company is a program administrator offering specialty insurance products for self storage businesses throughout the United States and Canada as well as multiple specialty property and casualty insurance products for a variety of unique industries and exposures. MiniCo is a founding vendor member and patron sponsor of the national Self Storage Association, and Mike is a speaker at industry conferences and events. MiniCo Insurance Agency, LLC, is a member of the Aran Insurance Services Group. For more information, visit www.minico.com.