The 2007 hurricane season is now officially underway, and property owners and insurance providers are keeping a close eye on the weather. Will 2007 bring a repeat of last year’s calm storm season? Leading forecasters don’t think so.
The latest Atlantic storm forecast from renowned expert Dr. William Gray, Professor of Atmospheric Science at Colorado State University, predicts 17 named storms including 9 hurricanes.
|
|
The National Hurricane Center has forecasted 13 to 17 named storms including 7 to 10 hurricanes with 3 to 5 of those escalating to major hurricanes. Other forecasting entities worldwide are also predicting that 2007 will be a much busier storm season than last year.
MiniCo, Inc. has over 33 years of experience dealing with extreme risks and claims including hurricanes, tornadoes, wild fires and earthquakes. Be sure that your self-storage clients facing these risks have the appropriate coverage including specialty coverages such as customers goods legal liability.
As an independent agent writing this class of business, the challenge lies in securing coverage for an entire portfolio of facilities that may include a few exceptionally high-risk properties. If you’re facing challenges in securing coverage for a self-storage operation as a result of geographic location or other risks, MiniCo recommends considering an E&S carrier to place the high-risk portion of the portfolio while placing the business liability and balance of the properties with a standard carrier. MiniCo now offers a unique liability only policy that includes the availability of specialty coverages such as sale and disposal liability and customers goods legal liability.
Whether the portfolio includes properties with coastal exposures, wind exposures, exceptionally high values or converted buildings, separating out these properties may benefit the insured by keeping premiums lower and increasing credits that may be applied. In addition, the lower-risk properties may maintain a lower loss ratio since they are not bound to the higher-risk properties.
Important Links
• National Hurricane Center
• Hurricane Insurance Information Center
• FEMA (Federal Emergency Management Agency)
• National Flood Insurance Program
• National Interagency Fire Center
• National Oceanic & Atmospheric Administration, Tornado Information
• U.S. Geological Survey, Earthquake Hazards Program
|
MiniCo Introduces Identity Recovery Coverage
|
|
 |
Identity theft has become one of the most costly and disruptive threats to consumers nationwide. In 2005, over 670,000 fraud complaints representing over $1.1 billion in loss were reported to the Consumer Sentinel, the complaint database developed and maintained by the U.S. Federal Trade Commission. Of those reported, 36 percent (over 246,000 complaints) were for identity theft.* |
|
MiniCo’s industry-leading specialty coverage for self-storage businesses has now been enhanced to include identity recovery coverage. This is a new coverage which provides case management service and expense reimbursement coverage if certain requirements are met. The coverage has a $25,000 limit and extends to the named insured (with some limitations as the insured must be an individual).
Of course, your self-storage insureds should be taking active steps to prevent identity theft. However, in the event that identity theft occurs, MiniCo’s identity recovery coverage provides valuable assistance to aid in the recovery process.
For more information on MiniCo’s new identity recovery coverage, please contact your underwriter at 800-528-1056 or J.R. Lewinson at ext. 3525.
* Data reported in Consumer Fraud and Identity Theft Complaint Data January – December 2005 published by the U.S. Federal Trade Commission, January 2006
|
|
|
