The Storage Business Owners Alliance LLC (SBOA) has launched a new tenant-insurance program, providing coverage benefits to self-storage owner-operators and tenants. Open to all facility owners and operators, SBOA Tenant Insurance (SBOATI) offers the facility owner a minimum $4 administrative fee per policy sold per month.
Coverage levels include $2,000, $3,000 and $5,000, and there is no deductible for covered claims. The program is already being used at more than 700 self-storage facilities.
SBOATI is a collaborative effort between self storage owner-operators Ian Burnstein, Michael Haugh and David Levenfeld, with nearly 50 years of combined industry experience, and insurance industry executive Mario Macaluso, who now serves as the program's vice president of sales. The team built its new tenant-insurance program from scratch, with a focus on providing generous administrative fees at the facility level.
The program is administered by Cornerstone Operations Group, which handles all policies and claims. The actual insurance coverage is provided by AEGIS, licensed in all 50 states and rated “A Excellent” by A.M. Best Company, an insurance-company rating agency.
Meghan Shipley, formerly a client services manager for U-Store-It, is the program administrator, responsible for coordinating a training program to facilitate the transition of any owner and manager into the program. “It is our goal to increase not only the amount our owners receive per policy, but also to increase the number of policies sold,” she said.
Enrollment in SBOATI is available by visiting www.sboati.com or calling 888.288.9148.
The SBOA was founded by Burnstein and Levenfeld in an effort to provide small to mid-size owners with bulk buying power on popular products and services. The group has more than 1,800 member facilities.