Key Agent Newsletter
August 2020
Did You Know...? MiniCo's insurance solutions are now included in the IVANS Markets online directory.

Four Reasons to Consider Self-Storage Risks for Your Agency

The self-storage industry has proven itself to be resilient to the vagaries of consumer trends, economic recession, and even pandemic, all while offering a wealth of opportunities for agents and brokers to grow a book of business. In today's uncertain commercial real estate climate, here are four reasons why self-storage risks may be a fit for your agency.

1. Self-Storage is an Essential Business
When the pandemic required many businesses to cease or limit operations, the vast majority of states designated self-storage as an essential business, meaning that facilities were permitted to continue operations in compliance with required safety guidelines.

2. Facilities Have Offered Automated and Touch-Free Service for Decades
When it came to responding to the requirements of the coronavirus pandemic, the self-storage industry was already ahead of many businesses. The industry has long embraced automation and touch-free customer service through self-service kiosks, online reservations and leasing, and online payment systems. In addition, the average self-storage facility typically is staffed by only one or two employees at any given time.

3. Self-Storage is Virtually Recession-Proof
The demand for self-storage space increases year after year, with the recent exception of the early days of the recession in 2007 and 2008. The initial shock of economic turbulence caused a decrease in residential and commercial customers, only to reverse course as consumers downsized their living arrangements and businesses downsized or vacated commercial space and required a storage solution for equipment and inventory.

4. Growing Consumer Demand
In the over four decades of the industry's history, self-storage has proven to be a service trusted by consumers at a wide range of personal milestones and economic changes such as downsizing, upsizing, moving, and college breaks. Business customers rely on self-storage facilities to house inventory, equipment, files, and more.

As a producer, you have an opportunity to partner with these operations. For more information about exploring opportunities in the self-storage industry in your state, contact Chris Nelson at chris.nelson@minico.com or 800-528-1056, ext. 3548.

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Claims Spotlight: Riot Coverage

Although a key characteristic of self-storage facilities is limited foot traffic, the industry has not been immune to the exposure associated with the coronavirus pandemic. In response to the COVID-19 risk, self-storage owners have been required to place greater emphasis on the importance of maintaining a safe environment for customers and employees in terms of sanitation and social distancing.

In addition to pandemic concerns, the past several months have seen an increase in incidents of civil unrest in some areas, which has resulted in property damage. Self-storage operations generally are not specific targets of these actions, but the risk is always present. As a benefit to your self-storage clients, it is wise to review policies for riot coverage to ensure that this exposure is adequately addressed.

Report Claims Online
MiniCo's streamlined online claim forms make it easier and faster to report a claim. Our responsive claim professionals also are available by phone, fax, and email.

When reporting a claim to MiniCo, please provide all the information you have available about the loss, damage, or incident. Providing detailed information gives our adjusters a head start on processing and resolving the claim, which can translate into a quicker and more productive resolution for your client.

REMINDER: Please notify MiniCo immediately upon receipt of a notice of possible litigation or retention of an attorney involving any policyholder. Giving our claim professionals the maximum time available to respond is crucial to the effective resolution of the situation.

 

Report a Claim to MiniCo

Property Loss Notice GL Loss Notice

Email: claim@minico.com
Phone: 800-528-1056
After Hours: 855-861-0876
Fax: 602-678-3512
Fraud Hotline: 855-875-0775

 

Specialty Insurance for Serious Collectors

Do any of your clients collect art? Sports memorabilia? Antique books? Millions of people worldwide identify themselves as serious collectors of one or more categories of items, and they tend to be passionate about their curated treasures.

Whether these items are displayed in a residence or housed at a self-storage facility, traditional insurance options may not offer adequate protection. MiniCo's collectibles insurance program offers more complete coverage at a competitive premium when compared to most homeowner policies, and tenant insurance offered at many self-storage facilities may not be adequate to insure high-value items that are expected to appreciate.

Benefits for Policyholders
• Coverage up to $1,000,000 (higher limits available)
• Insured for full collectible value
• No appraisal required at application*
• $0 deductible and competitive premiums
• A.M. Best “A” rated carrier
*Appraisal required for jewelry/watch items valued over $50,000.

Benefits for Agents
• Competitive agent commissions
• No minimum production requirements
• Easy online portal to quote and bind policies
• Value for your personal line clients
• Business growth opportunity

MiniCo's collectibles insurance program has changed recently, and current accounts will be renewed on one of two different policies. For more information about changes to renewals or to learn more about the program, contact a collectibles insurance representative at 888-873-6931 or collectibles@minico.com.

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MiniCo is Working From Home for Producers and Policyholders

At MiniCo, our promise is to help you when you need it most. Since the early days of the coronavirus pandemic, we have been focused on supporting you, your business, and your clients. COVID-19 is not impacting our customer service, and MiniCo has continued to offer quotes, issue policies and endorsements, and provide quality claims handling.

To protect our employees and clients, many members of the MiniCo team have been working from home. While our offices look different right now, our service continues uninterrupted. A few team members have made short videos describing their work-from-home experiences. To hear their comments, search for the hashtag #MiniCoAtHome on Facebook, Instagram, LinkedIn, or Twitter, and be sure to follow our social media profiles for future updates.

Thank you for trusting us with your business. Please reach out to us with any questions. We look forward to continuing to serve you safely as we all work through this unprecedented situation.

Watch #MiniCoAtHome videos on these platforms:

Facebook

Instagram

LinkedIn

Twitter

   

800-528-1056
www.minico.com

customercare@minico.com

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

F© 2020 MiniCo Insurance Agency, LLC.
All rights reserved.

MiniCo

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