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Key Agent Newsletter
April 2017

Did You Know...?

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Is Your Insurance Provider a One-Trick Pony?

Watch VideoSome insurance carriers have a narrow approach to writing self-storage. Others have recently exited the self-storage market leaving agents feeling stranded. If you are facing these challenges, MiniCo may be your solution.

MiniCo Insurance Agency was started in 1974 specifically to provide insurance solutions for self-storage risks. Over 40 years later, we are still here. MiniCo offers more self-storage alternatives than anyone in the industry including a commercial BOP and umbrella policy with specialty coverages. Plus, we specialize in delivering quick quotes in time to meet your deadline.

Admitted programs with two A.M. Best “A” rated carriers

Specialty property program with Lloyd’s of London

Full BOP underwritten by a non-admitted carrier

GL only with specialty coverages

Wind/hail deductible buy-back program

Dedicated in-house claim staff experienced in handling self-storage claims

Online agent portal and mobile website

Multi-location discounts

Communicate directly with your dedicated underwriter

Nationwide availability

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

 

The Importance Of Lease Agreements In Avoiding Liability

The relationship between a self-storage business and a tenant is formally established by the lease agreement (or rental contract). Of all the paperwork executed between the tenant and the facility operation, the lease agreement is the most critical when it comes to protecting the operation’s interests.

For independent insurance agents specializing in writing self-storage risks, discussing the importance of the lease agreement with your self-storage clients is an important element in the facility’s risk management efforts. While it’s true that a written document is not going to prevent claims or lawsuits from occurring, a well-written contract vetted by an attorney can mitigate the severity of the outcome of any such action. In fact, MiniCo’s claims adjusters say that one of the most common challenges they encounter is poorly worded lease agreements that leave business owners exposed to a negative outcome from liability claims.

From a risk management perspective, a self-storage lease agreement should address the following items.

Tenant Insurance — Explains that the facility has no responsibility for insuring tenants’ stored items and any proof of insurance requirement.

Limitation of Value — The maximum value of items stored in a rented space without approval.

Lien Sale/Default and Remedies — Asserts the facility’s right to seize and dispose of a tenant’s stored items in the event of default.

Hold Harmless — States that the facility is not responsible for damage caused by the actions of the tenant or other tenants.

Storage of Hazardous Materials — Details the types of materials that are prohibited from being stored in a rented space.

Limitation of Activities — Outlines specific prohibited activities including smoking in rented spaces, use of heating devices or open flame, performing vehicle repairs on premises, and residing in a rented space.

The importance of including these items in a lease agreement cannot be overstated. It is critical that a self-storage operation’s lease be reviewed by an attorney to avoid creating exposures that could leave the business vulnerable to costly insurance claims and lawsuits. In addition, laws vary by state, and an attorney can ensure that the lease agreement complies with the current legislation in place in that state. Additional information may be available from the state self-storage association, many of which have lease agreement templates available to members that have been reviewed and approved by the association’s legal consultants.
 

 
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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.

Checking In On Resolutions

.At the beginning of the year, you and almost everyone else set out to create goals to hit for this year. By February, you might have begun to notice that you and maybe those around you have thrown in the towel. Most people tend to only think about their goals at the start and end of the year. However, if you don’t make time to evaluate your goals, then you are not likely to achieve them or push past them to something better. Luckily, this is the perfect time to set yourself up for success and achieve those resolutions..

Continue Reading

Creating Clickable Content For Marketing Insurance

.You can pay for content distribution day after day. You can grow your social network with countless fans and watch your impressions and reach grow. Nevertheless, all of that may not matter if your content is not inspiring any click-through. If you are paying attention to your CTR (click-through rates) on any of your platforms and want to raise that number, let’s break down a few things you can try.

Continue Reading

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Go to the MiniCo Blog

 

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10851 N. Black Canyon Highway, Suite 200, Phoenix, AZ 85029
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