risk management: tip of the week

Identifying Fire Risks

When it comes to fire prevention, self-storage facilities can pose unique challenges. The nature of self-storage means that, for the most part, facility employees do not know what customers are storing within their units.

This reality underscores the importance of the rental lease, which should include specific wording prohibiting the storage of flammable materials and certain hazardous activity. However, the wording of the lease has little value unless the manager points out the prohibitions and communicates them directly to the tenant at the time of lease. You also may wish to require that tenants provide evidence of insurance such as a homeowner, renter, or property storage insurance policy or a general liability policy for commercial tenants.

Next week, we'll review tips to help prevent fire at your facility.

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Sincerely,

Mike Schofield

Mike Schofield
President & CEO

MINICO INSURANCE AGENCY, LLC
Member ARAN Insurance Services Group

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