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Wind/Hail Deductible Buy-Back


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Publishing

Key Agent Newsletter
Spring 2017

.

IN THIS ISSUE:

. Preparing Your Property for Hail Storms
. Special Event Insurance:
. Affordable Coverage to Protect Your Business
. On the Road with MiniCo
     
.

Preparing Your Property for Hail Storms

HailIf you operate a self-storage business in an area prone to hail storms, you are probably familiar with the damage they can inflict on a property and your bottom line. Hail losses have been trending upward in severity and frequency over the past several years. Between 2000 and 2013, insurers in the United States paid nearly 9 million hail loss claims totaling over $54 billion. However, 70 percent of the losses occurred during the period from 2008 to 2013, and claim severity during the same period was 65 percent higher than that recorded between 2000 and 2007.

The pain felt by insurers has been passed on to property owners in the form of stricter underwriting guidelines, increased premiums, and declinations. In the most challenging locations, wind/hail deductibles of up to five percent may be applied to property insurance policies, which can create a large financial exposure for the business owner in the event of a major loss. With that in mind, here are some recommendations to help protect your facility from the costly effects of hail damage.

. Insurance — Schedule a coverage review with
. your insurance agent being sure to address
. potential exposures caused by hail and wind.
. MiniCo offers a stand-alone wind/hail deductible
. buy-back policy that lets you lower the deductible
. to as little as one percent or a specific dollar
. value. Offered in partnership with Lloyd’s of
. London and available anytime during the policy
. term, MiniCo’s program lets you decrease your
. potential out-of-pocket financial exposure. For
. example, reducing the deductible from five
. percent to one percent on a property valued at
. $2 million would reduce the out-of-pocket
. exposure from $100,000 to $20,000 in the event
. of damage to all buildings on the property.

. Roof Inspections and Maintenance — Conduct
. regular inspections to evaluate the condition of
. the roof. Be sure to perform the necessary
. maintenance on any areas identified as
. defective during the inspection.

. Roofing Materials — During new construction
. or when reroofing, select materials that provide
. better hail protection such as ballasted
. membrane roofs and other impact-resistant
. coverings. Light metal roofs and smooth roof
. coverings, including single-ply and built-up
. coverings, are more susceptible to damage by
. large hail stones.

. Protective Shields — Install protective shields
. or screens over skylights, HVAC units, and other
. roof-mounted equipment.

Your insurance agent is an excellent source for risk management strategies. In addition, Liberty Mutual Insurance, one of MiniCo’s carriers, has prepared a detailed hail action plan that is available for download at www.minico.com/hailplan.

To get an insurance quote for your self-storage facility, including quotes for MiniCo’s wind/hail deductible buy-back policy, have your insurance agent contact MiniCo at 800-447-8383 or customercare@minico.com.

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