Creating Insurance Solutions for Self-Storage Businesses
Congratulations to the Facility of the Year winners profiled in the December 2019 issue of Mini-Storage Messenger. These facilities have earned the recognition of their peers in the self-storage industry by demonstrating a range of innovative design and construction features. The winning facilities each overcame challenges and hurdles both in development and daily operations. As an insurance provider specializing in self-storage operations, MiniCo supports new innovation not only in the enhanced security hardware and software but also in the advancements in roof, door, and wall construction that can be a factor in mitigating losses related to weather perils and theft of stored goods.
One of the primary concerns as we wrap up 2019 has been the hardening of the insurance market. Rate increases have been inching up throughout the year but have now accelerated in the fourth quarter. Business owners may see evidence of market hardening at their next insurance renewal in the form of changes to pricing, deductibles, limits, and coverage. Properties in high-risk areas and those with negative claim histories are likely to experience premium increases, and the potential of nonrenewal may be higher. The chief factor contributing to market hardening is the increase in frequency and severity of billion-dollar insured property losses including catastrophic losses resulting from hurricanes, wildfires, flood, hail, and tornadoes.
In 2019, we have introduced new and enhanced insurance products as part of our commitment to provide coverage options that are responsive to current trends in the insurance market as well as the evolving needs of self-storage operations.
Enhanced Business Owner Policy (BOP)
MiniCo changed our existing BOP for self-storage operations from a proprietary base form and endorsements to a broadly used newer version of an ISO-based policy form plus specialty endorsements. In addition, we upgraded our quoting and policy issuance system platform with the key objective of providing expedited service and response times. The enhanced BOP offers new coverages, expanded limit and deductible options, and flexibility in policy options.
The range of supporting solutions offered by MiniCo enables underwriters and agents to customize coverage for each policyholder. Along with umbrella coverage, MiniCo now offers a range of supporting solutions including cyber insurance, workers compensation insurance exclusively for self-storage operations, equipment breakdown coverage, and wind/hail deductible buy-back options.
The changes MiniCo has introduced in 2019 represent many years of planning and development. Today, we offer more coverage options and carrier choices than any other self-storage insurance provider. With four A.M. Best “A” rated carriers (two admitted and two non-admitted), you and your self-storage clients have a greater selection of available options. As we move forward into a new year, we will continue our focus on creating effective insurance solutions for the self-storage industry.
MiniCo sends our best wishes to you and your loved ones during this holiday season. We look forward to working with you in 2020 and thank you for your business and continued support of MiniCo’s insurance products.
President and CEO