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Commercial Self-Storage Insurance

Wind/Hail Deductible Buy-Back

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Key Agent Newsletter
Fall 2016



. Wind/Hail Deductible Buy-Back Program for Commercial Property
. Data Compromise Coverage for Self-Storage Businesses
. Understanding Risk Transfer
. On the Road with MiniCo

Understanding Risk Transfer

Understanding Risk TransferThe four key elements of risk management are risk avoidance, risk reduction, risk retention and risk transfer. Risk transfer involves sharing or transferring the entire burden of a potential loss with or to another party. Insurance is the classic example of risk transfer, but this concept plays a role in many aspects of day-to-day operations such as the following:

. Property and Casualty Insurance Policy for the
. Self-Storage Property
– Transfers the risk of
property loss, bodily injury occurring on the property,
. lien sale liability, employee theft and many others to
. the insurance provider.

. Lease Agreement – Transfers risks regarding the
. items customers are contractually permitted and
. forbidden to store, responsibility for damage to
. contents, and limits of liability on the part of the
. facility.

. Requiring Tenants to Provide Evidence of
. Insurance
– Transfers the responsibility of insuring
. their goods to the tenant and limits the operator’s
. liability.

. Maintenance Service Contracts – Transfers risk to
. the service provider regarding various activities such
. as ice and snow removal, landscaping, vehicle
. maintenance, electronic repair and others.

In addition to transferring risk from the self-storage operation to another entity such as an insurance company, some instruments of risk transfer may transfer some elements of risk to the facility. Self-storage business owners need to be aware of the potential for risk assumption and understand the financial obligations that may be entailed.

All contracts should be reviewed by your insurance agent and attorney to ensure a clear understanding of any assumption of risk. In addition, your insurance agent can work with you to secure the necessary insurance coverage to address potential risks and avoid exposures that could result in potentially devastating financial losses.


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MiniCo Insurance Agency, LLC
10851 N. Black Canyon Highway, Suite 200, Phoenix, AZ 85029
California License # 0H04984

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