Inside Self-Storage

NOV 2018

Inside Self-Storage (ISS) is an information source for industry owners, managers, developers and investors covering news, trends, facility operation, finance, real estate, construction, development, marketing, technology, insurance and legality.

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Page 29 of 71

2018 BEST OF BUSINESS Why do you love the self-storage industry? MiniCo began operation in 1974 with the goal of developing specialized insurance programs for the then-fledgling self-storage industry. As the industry has grown and become more competitive, customer service has become ever more important. We're committed to serving our customers, and we've achieved a standing in the self-storage industry no other insurance provider can match. Our underwriters and claims professionals understand the unique needs and challenges of facility operators, and they bring their years of experience to each interaction with policyholders and agents. While MiniCo is a large agency, we're committed to our core value of providing client-focused, personalized service. When a self-storage operator or insurance agent calls us, he speaks to his dedicated underwriter, not an electronic menu. What's the most pressing challenge facing your business this year, and how are you conquering it? One of the issues our underwriters frequently encounter is incomplete insurance applications. There are many risk characteristics they evaluate to calculate the insurance premium. Some are fixed, such as geographic location, but there are several considerations operators can influence that may help lower costs. Underwriters look for information that indicates the business owner is actively working to reduce risk and minimize potential claims—in other words, making the operation a "better risk." A self-storage owner who demonstrates his operation is an above-average risk typically will be rewarded with a competitive premium. One of the most effective ways of helping an underwriter understand an operation's risk profile is to create a written narrative about the business in collaboration with the insurance agent. This can then be used when the insurance policy is up for renewal or being remarketed. In our educational resources for self-storage operators, we communicate the importance of our active participation in the insurance process by providing detailed information about facilities regarding operational factors such as management, claims and corrective measures, manager training, security, maintenance, and others. In general, underwriters want to earn or retain your business. However, they may need this type of information from the operator and the agent to justify certain discounts or better terms such as lower deductibles or broader coverages. What's the best thing to happen to your company since last year? It's very gratifying that we've been selected as the Best of Business winner for commercial insurance for the seventh consecutive year by the readers of Inside Self-Storage. Please give us a sneak peek into a new product or service you're releasing in 2019. In response to significant dialogue in the self-storage industry on the topic of financial products and models being marketed to protect a tenant's stored property, we recently created best practices for managing and offering tenant insurance. These are available for review and download on our website. We're also launching a new cyber-liability insurance product to address the rapidly growing risk of cybercrime against small and mid-sized businesses. Coverage will address security and privacy liability, crisis-management costs, data recovery, loss of business income, regulatory defense and remediation costs, and cyber extortion. Owners: Scott Eastland, Tim Kenny, John LaCava CEO: Mike Schofield Founded: 1974 Headquarters: Phoenix Number of offices: 4 Number of employees: 60 Mike Schofield, CEO and President MiniCo supports charitable organizations such as St. Mary's Food Bank, the St. Baldrick's Foundation and Making Strides Against Breast Cancer. (Pictured from left: Courtney Koenig and Mary Schick) MiniCo Insurance Agency provides specialty insurance products and information resources for the self-storage industry, offering a commercial businessowner policy with specialty coverages and umbrella coverage. Enhancements include wind and hail deductible options, monoline commercial property and general liability coverage for more complex properties, monoline equipment breakdown coverage, and cyber-liability coverage. Additional programs include the Pay-With-Rent and TenantOne Direct tenant-insurance programs. You never know who you might spot at the MiniCo tradeshow booth! In 2018, astronaut Mark Kelly stopped by, and "Paul Stanley" (right, portrayed by Rob Valentine) took photos with attendees. BEST COMMERCIAL INSURANCE MiniCo's headquarters in Phoenix 28 ISS I November 2018

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