MiniCo Offers Multi-Location Discounts for Self-Storage Risks

If you are an agent writing multi-location self-storage risks, are you receiving discounts? MiniCo Insurance Agency specializes in writing large self-storage operators. In addition to multi-location discounts, MiniCo’s self-storage insurance program is underwritten by two A.M. Best “A” rated carriers, Liberty Agency Underwriters and Aspen American Insurance Company, giving us enhanced capability to respond to the coverage needs of larger operations.

Contact MiniCo’s new business team to learn more about the level of discount available for the self-storage risks you would like to quote. To register for MiniCo’s online agent portal or submit an application, click on the links at right.

Chris Nelson
Underwriting Team Supervisor
cnelson@minico.com
800-528-1056

Laura Roy
Senior Underwriter
lroy@minico.com
800-528-1056

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Avoiding E&O Exposures for Insureds and Your Agency

Errors and omissions insurance, commonly referred to as “E&O” coverage, protects businesses and individuals from claims and lawsuits arising from failure to perform contracted work as well as mistakes made in the course of doing business.

There are a few simple steps that can help reduce the risk of creating an E&O exposure for yourself and your agency.

    • Have your clients sign off on unwanted coverages
    • Use the most updated version of a carrier’s application (if applicable)
    • Discuss any coverage restrictions or limitations that are included in the quote or policy
    • Educate insureds by providing examples of coverages or explaining the intention of certain coverages (see download link below)
    • Inform clients if you are using a non-admitted carrier or a carrier with a lower A.M. Best rating
    • Offer professional E&O coverage specific to the client’s industry just as you would for your own agency

MiniCo has created a “Coverages in Action” flyer to help agents explain some of the optional coverages available in our specialty self-storage insurance program. Click the link to download a brochure, and contact your MiniCo underwriter at 800-528-1056 for more information.
Download Brochure

MiniCo is Celebrating 40 Years Serving the Self-Storage Industry

MiniCo is celebrating its 40th anniversary this month, and we have something to say.

Thank you.

MiniCo to Celebrate 40th AnniversaryMiniCo has grown to become one of the strongest brands in the self-storage industry because of you: our customers, independent insurance agents, advertisers, supporters and friends.

The entrepreneurial spirit that launched the company’s first sales of retail products and customer storage insurance is still going strong. In our 40 years of informing, educating and being the national provider of insurance for self-storage owners, we have been dedicated to supporting and growing the industry through our products and publications.

Forty years is an important milestone for any company. MiniCo’s sustainability is largely attributable to our core value of customer-focused service. Our company culture places a significant value on serving our customers to include policyholders, insurance agents, subscribers, and advertisers.

In addition to day-to-day interactions with our customers, MiniCo continually strives to refine and enhance our insurance products and educational resources so that they may provide the greatest value and benefit. These efforts, in turn, have helped us learn more about the industry and the needs of owners, operators, developers and managers.

MiniCo also has been a strong supporter of the Self Storage Association, of which we have been a Patron sponsor for five years, as well as state associations. We persist in our strong belief that working with associations to educate and support their members creates positive momentum within the industry and fosters a climate of growth and innovation. Recently, during a time of great confusion throughout the country over the future of health insurance, MiniCo partnered with the Self Storage Association to offer a health insurance exchange offering multiple products to its membership.

At the center of all of our efforts throughout the years has been our relationship with the diverse individuals who make up the self-storage industry. We sincerely thank you for your business and support over the past 40 years and look forward to the future.

If you plan to attend the Self Storage Association’s Fall Conference and Trade Show, please visit MiniCo at Booth 516 and join us for our 40th anniversary cocktail party on Thursday, September 11th. All conference attendees and vendors are welcome.

We hope to see you there!

Mike Schofield
President and CEO

MiniCo Collectibles Insurance Offers Commission Incentives

Starting July 1, 2014, MiniCo is offering additional commission incentives to agents writing new business in the MiniCo Collectibles Insurance program. The tiered commission program outlined below will be in effect from July 1, 2014, through December 31, 2014, for all new business written through MiniCo’s online agent portal.

Production TiersOnce an agent reaches a new commission tier, the increased commission percentage will be applied retroactively to all business written during the promotion period. Renewal business is not eligible for the tiered incentive program.

MiniCo Collectibles Insurance provides all-risk coverage for private collections of any size in a home, office or art storage facility. Collections are insured for their full collectible value, and no appraisal is required at the time of application. Coverage is offered nationwide in partnership with AXA Insurance Company.

For more information, contact MiniCo’s Collectibles Insurance Department at 888-873-6931 or collectibles@minico.com.

Learn More
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MiniCo to Celebrate 40th Anniversary in Las Vegas

MiniCo to Celebrate 40th AnniversarySince its founding in 1974, MiniCo Insurance Agency has been committed to providing specialty insurance to self-storage business owners. Forty years later, MiniCo is widely acknowledged as an icon of excellence in the self-storage industry.

MiniCo will be celebrating with customers and friends in the industry at the Self Storage Association’s Fall Conference and Trade Show to be held September 9-12, 2014, at Caesars Palace in Las Vegas. We also will host an anniversary cocktail party on September 11th, which is open to all conference attendees and vendors. The festivities will include free drink tickets, a special anniversary gift from MiniCo, and drawings for two prize packages including airfare and accommodations at The Breakers Palm Beach Resort and the Hotel del Coronado in San Diego.

MiniCo is making available to interested agents a limited number of complimentary passes to attend the trade show on September 11th. This event is an excellent opportunity to learn more about the self-storage industry and meet with small, mid-sized, and large operators. Those who attend are also invited to MiniCo’s 40th anniversary cocktail party.

Detailed information about the trade show is available at the Self Storage Association’s website. To learn more about writing business for the self-storage industry, contact customercare@minico.com.

The Risks of Technology: Understanding Cyber Liability

, Cyber Liability InsuranceToday, doing business online is standard operating practice for many self-storage businesses. Facility websites, online marketing, social media, property management software, electronic databases and cloud-based computing streamline many necessary tasks, improve efficiency, and enhance both marketing and customer service. However, this reliance on technology also may create exposures that could result in costly lawsuits and claims.

You have been hearing the term “cyber liability” more often in recent months as a result of high-profile cyber incidents. With the widespread adaptation of technology across hundreds of industries, cyber liability is now an issue that affects every business with exposures including computer viruses, data theft, identity theft and other cyber crimes.

Insurance companies are responding to the growing need for cyber liability coverages by developing new policies to address a wider range of exposures including both first-party and third-party liability.

First-Party Coverage

Business Interruption: Interruptions in business due to breaches of a company’s network
Crisis Management: Costs of retaining a public relations firm to help mitigate damage to the policyholder’s reputation and brand
Extortion/Threat: Costs to investigate, negotiate and settle threats made against the policyholder related to international computer attacks
Privacy: Expenses for breach response services such as notification, credit monitoring and identity/credit repair

Third-Party Liability Coverage

Security: Failure of network security to prevent the transmission of computer viruses or hacking
Privacy: Failure to protect private or confidential information
Media/Content: Libel, slander and other forms of disparagement as well as copyright infringement by website content
Regulatory Actions: Regulatory actions brought by state or federal agencies to enforce privacy regulations

First-party coverage is commonly available for privacy breach response, which covers expenses incurred by the self-storage facility such as customer notification, credit monitoring, credit and identity repair, and computer and legal forensic services. Policies to address additional cyber liability exposures are becoming more broadly available in the insurance marketplace.

Schedule a meeting with your insurance agent to review your potential exposures and identify possible cyber liability coverage solutions. MiniCo Insurance Agency continues to monitor this area of coverage with the intent to enhance our coverage options in the future.

Mike Schofield
President and CEO

MiniCo Named Best of Business in Self-Storage Commercial Insurance

MiniCoMiniCo Insurance Agency has been selected by readers of Inside Self-Storage magazine as a 2014 Best of Business winner in the category of best commercial insurance for the third consecutive year. Inside Self-Storage is a national trade publication for the self-storage industry.

The magazine launched its Best of Business reader survey in 2011. Self-storage industry professionals are invited to elect their choice of best businesses in 35 categories including customer service, manager training, call-center services, construction project management, and payment services.

MiniCo will be profiled in the November issue of Inside Self Storage magazine along with other 2014 Best of Business winners, and the company will be honored at a special ceremony as part of the Inside Self Storage World Expo in April 2015. The complete list of 2014 Best of Business winners may be found on the magazine’s website.

MiniCo President and CEO Mike Schofield commented, “It is an honor to receive this recognition for a third year in a row from our peers, customers and friends in the self-storage industry. MiniCo’s experienced team works each day to deliver on the promise of the company’s core value of client-focused service. We are dedicated to taking care of every customer, every time.”

For more information, contact MiniCo’s Customer Care Department at 800-447-8383 or customercare@minico.com.

Commission Incentives Now Available for MiniCo Collectibles Insurance

MiniCo is now offering additional commission incentives to agents writing new business in the MiniCo Collectibles Insuranceprogram. The tiered commission program outlined below will be in effect from July 1, 2014, through December 31, 2014, for all new business written through MiniCo’s online agent portal.

Production Tiers
(New Business Premium)
Agent Commission
Below $5,000 15.0%
$5,000 to $10,000 17.0%
$10,001 to $25,000 18.5%
$25,001 and over 20.0%

MiniCo Collectibles Insurance is an excellent insurance solution for your personal lines clients who are also serious collectors.

Click here for full program details and to get a quote.

Get Ready for Storm Season: Storm Aftermath & Filing a Claim

467331793This article addresses actions that self-storage business owners may take in the aftermath of a storm and filing a claim. The first article in this two-part series discussed steps to prepare for storm season.

Reporting Claims
When the storms have subsided and you are on your self-storage property surveying the damage, your initial thoughts will likely include your insurance carrier. In the event that you have kept a record of the names, addresses, phone numbers, policy numbers and other identifying information concerning your various carriers, you will have the necessary information at your fingertips to make a few calls to report your claim to your insurance company. Please keep in mind that a claim can usually be reported to a carrier by either the agent or the insured, but each claim should only be reported once. Claim reporting information should include the following:

• Your business name, address and phone number
• The name and phone number of the person to be contacted by the insurance company
• All contact information for the insured and/or the insured’s representatives
• Policy number
• Date, time and location of the loss
• A brief description of the damage (if multiple buildings are damaged, specify which buildings are damaged with specific addresses for each)

Taking Action
Once you have reported the claim to your carrier, a claims representative will contact you to arrange for an inspection of your property. While awaiting further action by your insurance carrier, there are a few things you may wish to consider:

• Ensure the safety of yourself, your employees, passersby, customers and the public at large. If your building is not stable, do not enter it or allow anyone else to enter it.

• Check for electrical power lines that may be down or damaged and gas lines that may be severed or leaking. Notify the appropriate authorities immediately.

• Protect the property from further damage and protect any contents or other personal property.

• Begin emergency and/or temporary repairs as soon as practicable to mitigate your damages. Most insurance companies will cover reasonable and necessary emergency repairs which safeguard your property from further loss, so keep detailed records of the amounts you spend and take photos.

• Keep any receipts for emergency repair work and an accurate record of such work along with information to identify by whom the work was performed.

• Do not discard any item without checking with your claim representative first.

• Be prepared to provide your claim representative with copies of all documents such as photographs showing damage, emergency repair invoices, receipts, and inventories.

• Take many photos.

Frequent and severe storms have become a way of life these days. The guidelines provided above are offered to assist property owners in the careful consideration, analysis and presentation of their insurance needs in the face of potentially catastrophic storm activity.

NOTE: This brief article is not intended to provide specific legal analysis or advice, and should not be construed to apply to every potential situation involving insurance coverages and losses. For specific information and questions concerning this article and the information contained therein, please consult your insurance agent and/or your attorney.

Get Ready for Storm Season: Advance Preparation

484035459This article addresses steps that self-storage business owners may take to prepare for storm season. The second article in this two-part series will discuss actions to take in the aftermath of a storm and filing a claim.

The Atlantic hurricane season extends from June 1st through November 30th. With over 7,000 self-storage facilities located in coastal areas, it is critical that operators take the necessary steps to prepare for extreme weather. Even if a facility is not located in a hurricane-prone area, businesses may be affected by tornadoes, windstorms, fire, earthquake or other environmental emergences at any time during the year.

Creating and maintaining an emergency preparedness and response plan as part of a facility’s overall written risk management plan is a critical task for self-storage operators. Here are some basic guidelines to help prepare for and respond to severe weather events.

Advance Preparation

We recommend completing a pre-storm analysis now in preparation for severe storms, tornadoes and hurricanes depending on your geographic location. Some of the recommendations will apply to all business owners, while some are applicable to select locations. Being prepared is the key. Hopefully the following suggestions will help everyone to be ready.

• Locate any and all insurance policies you own and ensure that they are kept in a place where storm activity will not likely affect them (safety deposit box, relative’s home, etc.).

• Make note of the names, addresses, phone numbers and policy numbers for each of your policies and keep your list on your person so that you will be prepared to make contact with your carriers once the storm activity has abated.

• Keep contact numbers for the local authorities such as the police/sheriff, medical facilities, utilities, and emergency contacts.

• Have a place of safety and an emergency plan in place for your family.

• Have a safety plan in place with emergency supplies in case an evacuation warning goes into effect.

• Keep cell phones and flashlights fully charged at all times.

Coverage Review

You should also review with your insurance agent the coverages available on all of your policies, particularly property-related policies, to ensure that storm-related exposures are included in your coverages and that your policy reflects appropriate property values. Insurance companies are empowered to place moratoriums on new business or addendums to existing business during the period when a storm appears imminent. At those times, insurance carriers may issue instructions to agents to cease binding coverage and will not contemplate any exceptions. Again, this common practice underscores the necessity of securing accurate insurance coverages well in advance of storm season.

NOTE: This brief article is not intended to provide specific legal analysis or advice, and should not be construed to apply to every potential situation involving insurance coverages and losses. For specific information and questions concerning this article and the information contained therein, please consult your insurance agent and/or your attorney.

Employee Training Programs Help Drive Business Success

Employee Training Programs Employee performance is a critical component in the success of any business. For self-storage operators, employees may be the differentiating factor that elevates a facility above the competition. Given its importance, employee performance should be monitored and measured. Planned leadership development and skills training programs are important tools for any self-storage operation.

The types of training a business may offer could range from leadership development and management training to activities that enhance specific skills such as sales, safety and loss control, customer service, and human resources. A suggested first step is to evaluate skills using an assessment tool. There are many to be found online as well as in printed training materials and other sources. Assessments help managers and supervisors understand individual strengths and weaknesses and will assist in developing a focused training program for each staff member.

When it comes to selecting training resources, the choices are numerous. Online training videos are available for free on YouTube, and many outlets offer live and on-demand webinars at no charge. Free electronic newsletters are also available on a multitude of training topics.

The self-storage industry itself is an excellent resource for training materials. Many knowledgeable industry professionals offer webinars for managers, owners and operators. In addition, a number of highly regarded industry professionals have published books on a variety of training topics including many that are available on the Mini-Storage Messenger’s website, www.ministoragemessenger.com. Industry conventions and networking events offer excellent training opportunities. For some employees, one-on-one meetings with executive coaches may be an effective training resource.

In addition to more traditional types of training, community involvement is an excellent tool for leadership development and personal growth. Encouraging employees to actively participate in local civic and charitable organizations helps develop their individual leadership skills while enhancing the facility’s reputation within the community.

Whatever training program is chosen and implemented, it is vital that the business owner commits to both the training activities themselves as well as periodic follow-up. One of the many benefits of setting regular performance reviews quarterly, semiannually or annually is that it provides a scheduled time to check in with employees to determine their progress in the training program and make adjustments as needed to address new issues and opportunities.

Training provides benefits for companies beyond increasing employee efficiency and performance. The effort and commitment demonstrated by corporate leaders in offering and supporting staff training helps to improve the overall morale of the team. Employees will recognize the company’s investment in their personal and professional growth and reciprocate in their individual performance and commitment to the operation. An investment in your employees is an important investment in the future success of your business.

Mike Schofield
President and CEO

 

Commission Incentives for MiniCo Collectibles Insurance

Are any of your personal lines clients serious collectors? It’s a good bet that some of them are. Whether a collection includes fine art, wine, sports memorabilia, stamps, or even a pair of leather pants once worn by Keith Richards, the one trait all collectors have in common is a need for insurance coverage to protect the objects of their devotion.

Starting July 1, 2014, MiniCo is offering additional commission incentives to agents writing new business in the MiniCo Collectibles Insurance program. The tiered commission program outlined below will be in effect from July 1, 2014, through December 31, 2014, for all new business written through MiniCo’s online agent portal.
Production Tiers
Once an agent reaches a new commission tier, the increased commission percentage will be applied retroactively to all business written during the promotion period. Renewal business is not eligible for the tiered incentive program.

MiniCo Collectibles Insurance provides all-risk coverage for private collections of any size in a home, office or art storage facility. Collections are insured for their full collectible value, and no appraisal is required at the time of application. Coverage is offered nationwide in partnership with AXA Insurance Company.

For more information, contact MiniCo’s Collectibles Insurance Department at 888-873-6931 or collectibles@minico.com.

Learn More


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Risk Management Checklist: Crime Prevention

Risk Management ChecklistCreating a risk management checklist for your self-storage business can be a challenge, and this series of articles offers suggestions for various categories and items that you may want to include in your checklist. The focus this quarter is crime prevention.

The following questions may be useful as part of your company-wide risk management checklist.

Crime Prevention Checklist

  • Are bank deposits made daily?
  • Are checks stamped “FOR DEPOSIT ONLY” with the company name and account number?
  • Does the manager utilize a check log or photocopy checks?
  • Is a check-verification service used?
  • Is video surveillance used in the office area?
  • Is a photocopy of the tenant’s driver’s license made at the time of the initial unit rental?
  • Do managers verify the address on each rental agreement?
  • Do managers use a special pen to identify counterfeit currency?
  • Are accounting audits completed on a regular basis?
  • Is a secondary contact obtained from each tenant?
  • Have internal money controls been evaluated by a loss-prevention specialist?
  • Are written procedures in place for accepting credit-card payments?
  • Are all accounting discrepancies documented with supported data?
  • Has each employee been instructed on how to respond in the event of a robbery?
  • Does the facility obtain a fingerprint from each tenant?
  • Are visitors required to sign in/out?
  • Does the facility utilize security stickers on locks?
  • Is the facility lighting inspected on a regular basis?
  • Is the trash picked up on a daily basis?
  • Do site inspections include walking the perimeter to observe any fence damage?
  • Are video surveillance recordings reviewed on a daily basis?
  • Is there a policy in place to retain surveillance recordings in cases where the manager has observed questionable activity?

This brief article is not intended to provide specific legal analysis or advice, and should not be construed to apply to every potential situation involving insurance coverages and losses. For specific information and questions concerning this article and the information contained therein, please consult your insurance agent and/or your attorney.

New York Agent Wins MiniCo’s Kindle Giveaway

kindleWilliam Fleischer of Bernard Fleischer & Sons, in New York City was selected as the winner of the giveaway for agents submitting a quote request for MiniCo Collectibles Insurance during the month of May 2014. He will receive a Kindle Fire.

MiniCo Collectibles Insurance provides all-risk coverage for private collections of any size in a home or storage facility. Collections are insured for their full collectible value, and no appraisal is required at the time of application. Coverage is offered nationwide.

For more information, contact MiniCo’s Collectibles Insurance Department at 888-873-6931 or collectibles@minico.com.

Learn More

New Safety Video: Preventing Slips, Trips and Falls

thumb-Preventing-SlipsThe latest video in the MiniCo Safety Shorts series entitled “Preventing Slips, Trips and Falls” offers suggestions to help self-storage owners and managers prevent slip-and-fall incidents and their facilities. The video will be available online at MiniCo’s website and YouTube channel. Visit www.minico.com/SafetyVideos or www.youtube.com/MiniCoInsurance to watch the video.

Preventing Slips, Trips and Falls

Preventing Slips, Trips and FallsSelf-storage business owners have many responsibilities and concerns including safety issues. One common premises exposure that must not be overlooked is the risk of slips, trips and falls on the property.

The U.S. Bureau of Labor Statistics estimates that slips, trips and falls account for 25 percent of all nonfatal and 15 percent of all fatal workplace injuries. Data from the National Safety Council indicates that falls are one of the leading causes of unintentional injuries in the United States, accounting for nearly 8.6 million visits to the emergency room.

With those numbers in mind, and factoring in the cost of insurance claims and lawsuits, it is easy to see why preventing slips, trips and falls among customers and employees is an important safety concern for self-storage operations.

Entryways, doorways, hallways, ramps, stairs, uneven surfaces and areas prone to wetness are the most common locations for falls. The following actions are just a few tips to help fall-proof a self-storage facility.

• Clean up spills immediately.
• Use “Caution Wet Floor” signs to alert customers and staff of wet or damp entryways, floors and hallways.
• Clear snow and ice from walkways as soon as possible.
• Make daily inspections of the property to identify hazards such as uneven or slippery surfaces, potholes, ditches, and broken flooring or asphalt.
• Use cones, barricades and signage to alert customers and staff of potential hazards.
• Install handrails on both sides of all staircases.
• Install adequate lighting throughout the facility (indoors and outdoors) and inspect fixtures daily to ensure their proper operation.
• Arrange desks and retail displays to provide open walkways.
• Properly store ladders, furniture dollies and hand trucks after use and away from traffic areas.

In addition to taking steps to prevent falls, it is important to ensure that your self-storage clients have adequate insurance coverage to protect their businesses in the event of claim. Schedule a coverage review with your clients to discuss their policies including limits for general liability and umbrella coverage. Awareness is the first step toward preventing slips, trips and falls and minimizing potential claims.

Mike Schofield
President and CEO

MiniCo’s Self-Storage Agent Portal Offers Fast Quotes

MiniCo’s self-storage insurance product is the leading specialty insurance program for self-storage risks. With two A.M. Best “A” (Excellent) rated carriers, MiniCo offers enhanced flexibility to write a wide range of risks including more challenging properties.

Did you know that you can get a quote for MiniCo’s self-storage insurance product in as little as one business day if needed? With MiniCo’s online agent portal, even complex submissions may be quoted quickly. The key is to provide complete information with detailed explanations as needed to ensure that an underwriter will not need to contact you for additional information.

MiniCo’s agent portal offers:
• Quick response to quote requests
• Submit or review applications 24/7 from any computer
• Supplemental applications included
• Intuitive, user-friendly interface

Register today to learn why MiniCo’s agent portal has become the submission tool of choice for hundreds of our valued independent agents. For more information, contact our Customer Care Department at 800-447-8383 or customercarea@minico.com.

Agent Portal Registration

Get a Quote

Self-Storage Lien Sales and the Storage Wars Effect

Self-Storage Lien Sales The reality show Storage Wars has in some instances been the cause of increased on-site participation at self-storage lien sale auctions. The potential of larger, inexperienced and less-knowledgeable crowds entering your insureds’ premises comes with a heightened level of risk.

There are some important guidelines that your self-storage clients should follow in regard to lien sales.

Follow State Statutes – Each state has different laws regarding lien sales, and it is critical to follow the applicable state’s laws to the letter.

Inspect and Maintain the Premises – Inspect the facility for slip-and-fall hazards, uneven pavement, loose steps, potholes, and other hazards and make timely repairs. Schedule and perform regular maintenance tasks like snow and ice removal.

Implement Crowd Control – Be aware of occupancy restrictions and plan ahead to control attendees’ access to the facility. Use signage and cones to direct members of the public to the area where the auction will take place, make sure the parking area for potential bidders is clearly marked, and remove attractive nuisances such as golf carts.

Prepare an Auction Disclaimer – Consult an attorney to prepare an auction disclaimer which clearly states that participants bid at their own risk, all sales are final, and the self-storage facility will be held harmless and indemnified from any claims or financial risks resulting from their participation in the sale. In addition, hire a licensed professional auctioneer who can provide proof of liability insurance.

Review Insurance Coverage – Review the limits of the facility’s sale and disposal liability coverage as well as your property and liability coverages.

For more information about self-storage lien sales, contact MiniCo’s Customer Care Department at 800-447-8383 or customercare@minico.com.

Understanding the New Coverage Limitations for Weather-Related Roof Damage

457505135The unusual frequency and severity of wind and hail storms over the past few years has had a pronounced effect on both property owners and the insurance industry. Insurance companies have reported record losses for residential and commercial properties, and the industry has been forced to make adjustments as a result of these changing weather patterns.

The self-storage industry also is feeling the effects. With a high concentration of self-storage facilities located in areas prone to severe wind, hail and tornadoes, insurance property losses and specifically roof damage have soared into the millions in the past five years.

In response to the changing weather patterns and resulting claim activity, insurance companies are rolling out a number of limitations related to self-storage facility roofing damage caused by hail and wind. An insurance policy was never designed to be a maintenance contract, and these new limitations are an effort on the part of the insurance industry to clarify coverage terms and mitigate the severity of losses related to severe weather. In some instances, a property owner may find that a quote is subject to the acceptance of some of the limitations noted below.

Cosmetic Loss Limitation Endorsement – Limits coverage for cosmetic loss to roofs.
Actual Cash Value Endorsement – Roof damage is adjusted based on the depreciated value of the roof.
Percentage Deductibles – May impose a deductible upward of 10 percent of the property value for wind and hail damage.

If you write self-storage business in areas prone to severe wind and hail damage, be aware that these insurance changes have become more prevalent and could impact your clients’ exposure in the event of a loss. Work with them to review any new coverage limitations and discuss their potential financial exposure should a loss occur. To cover deductibles and out-of-pocket expenses in the event of a severe loss, self-storage business owners may wish to reserve funds or secure a line of credit. Failure to do so may translate into construction delays or an inability to resume regular business operations in a timely manner following a loss.

When considering risk management, awareness is always the first important step. It is important to work with your clients now to develop and implement a plan to address potential costly financial losses in the future.

MiniCo is Giving Away a Kindle Fire

kindleOne eligible insurance agent will win a Kindle Fire from MiniCo.

To enter, submit a quote request for new business for MiniCo Collectibles Insurance through the online agent portal during the month of May 2014 (May 31st is the last day to enter). Each application submitted equals one entry into the prize drawing. MiniCo will draw the winning entry on June 4, 2014.

MiniCo Collectibles Insurance provides all-risk coverage for private collections of any size in a home or storage facility. Collections are insured for their full collectible value, and no appraisal is required at the time of application.

Coverage is offered nationwide in partnership with AXA Art Insurance Corporation, the only globally operating specialty art and collectibles insurance company offering tailor-made coverage solutions for private and corporate collections, museums, galleries and artists. AXA Art has been assigned a rating of “A” (Excellent) by A.M. Best.

For more information, contact MiniCo’s Collectibles Insurance Department at 888-873-6931 or collectibles@minico.com.

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