MiniCo Insurance Agency LLC, a provider of insurance products for the self-storage industry, has published a list of best practices for facility operators who offer tenant insurance. The list addresses regulatory requirements, program selection, carrier rating, lease agreement, manager training and customer communication, according to a press release.
“There has been significant dialogue in the self-storage industry on the topic of financial products and models being marketed to protect a tenant’s stored property,” said Mike Schofield, CEO and president. “As one of the pioneers in offering the tenant-insurance model to the self-storage industry, we thought the creation of best practices for managing and offering tenant insurance was long overdue.”
Available on the company website, the list will be updated to reflect future enhancements and revisions, the release stated.
“MiniCo's customer-storage insurance products have served the industry and the tenant well for many years by responding to the tenant at the time of a loss,” Schofield says. “It has been a product that has historically protected the reputation of the industry by doing what the insurance product was designed to do: pay claims for covered losses.”
Founded in 1974 with self-storage tenant insurance as its sole insurance product, MiniCo offers multiple insurance models and products to address the specific needs and corporate growth strategies of self-storage businesses. It also operates MiniCo Insurance Agency of Canada Inc. Both are members of the Aran Insurance Services Group.