Inside Self-Storage

MAY 2019

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 18 of 47

The preferred Vertical Pivot gate in the Storage industry! Visit us at ISS World Expo, Booth # 1106 provides protection against the act of wrongfully removing, selling or disposing of a customer's goods. If state lien laws aren't followed, the facility operator is vulnerable to claims. If you or your staff are involved in the sale and disposal process, you must be aware of your state's laws. SDL insurance isn't normally available through regular business insurance carriers, but it can be secured through insurers that specialize in self-storage. The cost is typically reasonable for the peace of mind and protection you receive. Pollution liability (PL). Did you know most standard insurance policies exclude various types of pollution exposures? They may include a small pollution-cleanup sublimit, but the circumstances for this to kick in and cover a claim are very restricted and typically don't even cover an actual pollution-related event! This creates large coverage gaps that leave owners vulnerable to the huge costs that can be associated with a pollution accident. A standalone PL policy can cover these gaps and provide peace of mind when facing a pollution-related loss. Leaking RVs or other stored automobiles, illegally stored substances, toxic chemicals, and oil drums are just a few of the common items that could lead to an expensive, catastrophic event. Strongly consider adding this coverage to your insurance portfolio. These are just a few of the coverages that are essential for self-storage. When shopping for insurance, consider working with a specialist who can provide a custom-tailored policy. By working with agents and carriers who focus on the industry, you'll be able to build a strong package that suits your facility's needs. Accidents can and do happen, even to the most conscious and diligent owners. Having the right coverages in place is step one in protecting yourself and your business. The cost of one accident or claim can easily outweigh the cost of an insurance premium—sometimes years of premiums! Don't get caught without the best coverages for your unique operation. Melanie Wichelman is an account executive with Universal Insurance Programs, which has created and provided specialized insurance coverages to the self-storage industry for more than 20 years. For more information, call 800.844.2101; visit Subscribe to Our FREE Weekly Newsletter. Stay on top of what's happening in the industry and get links to the in the industry and get links to the latest news, feature stories, videos, latest news, feature stories, videos, and more straight to your inbox. and more straight to your inbox. SIGN UP TODAY! Subscribe to Our FREE Weekly Newsletter. May 2019 I ISS 17

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