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Key Agent Newsletter
June 2018

Did You Know...?

Written Narratives Help Your Clients Get the Best Rate

.One of the most effective ways an agent can get the best rate for a self-storage client is by helping the underwriter understand the operation's risk profile by submitting a written narrative about the business. The best narratives are the result of collaboration between you and your client with both having ownership in the final product.

The following types of information and records are excellent additions to this narrative.

• Management – Note years of experience managing property and memberships in self-storage associations. Management's philosophy toward risk management as well as initiatives implemented to make the premises safe and secure can be extremely valuable in the underwriter's analysis.

• Claims – Records of insurance claims for the facility going back at least three to five years including corrective measures taken to mitigate future claims.

• Training – Written operational procedures manuals and documentation of ongoing staff training including training to address risk management issues such as slip-and-fall incidents and on-site injuries. Include details of post-claim remedial training to demonstrate efforts to prevent future incidents.

• Security – Descriptions and photographs of cameras, door alarms, lighting, keypads, gates, fences, and records of daily premises inspections and lock checks.

• Equipment – Descriptions of equipment protection efforts (such as surge protection devices and voltage surge suppressors) to minimize potential damage from lightning storms.

• Maintenance – Records of routine maintenance performed by facility employees as well as written agreements with indemnification language for protection regarding issues like snow and ice removal and sprinkler maintenance.

• Property Details – Information about other businesses in operation at the premises including business names, owner names, and a detailed description of the type of business being conducted.

• Named Insureds – Provide a list of named insureds with updated contact information for each location including their insurable interest in each applicable facility location.

Finally, it is important to remember that underwriters have short windows of time when inspections are due, such as within 60 days of policy inception.

Providing a detailed narrative along with required inspection results can go a long way toward helping the underwriter find credits and offer better pricing and terms for your self-storage client. In addition, when underwriters have complete and detailed information from the beginning of the process, it saves time for you and results in a quicker quote turnaround for your client.
 

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Emergency Preparedness Planning for Hurricane Season

UpdateThe past several years have seen an overall calming trend in Atlantic hurricane activity. By contrast, this year's extended range forecast published by Colorado State University research scientist Dr. Philip Klotzbach anticipates above-average activity. His forecast for the 2018 Atlantic hurricane season predicts fourteen named storms including seven hurricanes with three classified as major hurricanes (Category 3-5). In addition, this forecast estimates the probability of a major hurricane landfall on the entire U.S. coastline as 63 percent, the U.S. East Coast (including the Florida peninsula) as 39 percent, and the Gulf Coast as 38 percent.

Dr. Klotzbach also addresses the concern that the population may have become complacent given the comparative calmness of recent Atlantic hurricane activity since the devastating 2005 season. He reminds property owners that "it only takes one hurricane making landfall to make it an active season for them."

Now is a good time to remind your self-storage insureds about the importance of emergency preparedness. The hurricane season officially begins on June 1st, but emergency preparedness planning is critical for all businesses no matter their geographic location. The first step is to create an emergency preparedness plan. Once the plan has been developed, it is important to communicate it to managers and employees and provide ongoing training.

Providing planning resources to your self-storage clients may help them start the process. A detailed hurricane action plan prepared by Liberty Mutual Insurance, one of MiniCo's carriers, is available for download at www.minico.com/hurricaneplan. In addition, the Federal Emergency Management Agency (FEMA) offers many valuable online resources for business owners at www.ready.gov/business. Resources include insurance coverage review forms, checklists, communication plans, and other preparedness documents.

 
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Liberty Mutual Earns J.D. Power Award for Agent Satisfaction

New Team MembersEarlier this year, Liberty Mutual Insurance, one of MiniCo's longtime carrier partners, earned the top spot for commercial lines insurers in the inaugural J.D. Power 2018 U.S. Independent Insurance Agent Satisfaction Study.

The study, developed with the Independent Insurance Agents and Brokers of America, reported independent property and casualty agents' business outlook, strategies, and overall satisfaction with commercial lines insurers in the United States. The survey polled 1,380 property and casualty agents for a total of 1,217 evaluations of commercial lines insurers with whom they had placed policies within the prior 12 months.

Read the Press Release
 

 
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Marketing Tips and Tools from the MiniCo Blog

.The MiniCo blog is an excellent resource for agents seeking information about topics such as getting started as a new agent, e-mail marketing, social media, website design, video marketing, customer service and networking.

If you have not yet checked out the MiniCo blog, get started with two of our most popular posts.

Unleash the Power of the Hashtag

.Your hashtag can make or break your social media posts. The visuals and text get the most attention, but none of that matters if the post isn't going to be seen. Using hashtags effectively can help to optimize your posts and increase your reach and engagement.

Continue Reading

Enhance Your Agency's Website to Improve SEO and Accommodate Visually Impaired Users

.Does your website accommodate users who may be visually impaired? Incorporating the proper use of alt text, colors, and text options can help all users and provide SEO benefits for your website and your agency.

Continue Reading

Follow the MiniCo blog on Facebook or Twitter.

Go to the MiniCo Blog

 
 
 

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