Creating a risk management checklist for your self-storage business can be a challenge, and this series of articles offers suggestions for various categories and items that you may want to include in your checklist. The focus this month is lien sales.
The following questions may be useful as part of your company-wide risk management checklist.
Lien Sale Checklist
• Are employees properly trained?
• Have all employees been counseled on state lien sale statutes?
• Is accurate customer contact information gathered?
• Are units properly numbered for identification purposes?
• Is there a written policy listing proper documentation to be maintained?
• Are there written procedures in the operation manual?
• Is there a policy on partial payments?
• Are there procedures to document moving tenants to other units within the facility?
• Has lien sale notification letter been reviewed by legal counsel?
• Have lien sale advertisements been reviewed by legal counsel?
• Are contents photographed or videotaped?
• Has sale and disposal liability insurance coverage been acquired?
This brief article is not intended to provide specific legal analysis or advice, and should not be construed to apply to every potential situation involving insurance coverages and losses. For specific information and questions concerning this article and the information contained therein, please consult your insurance agent and/or your attorney.