Help Protect Your Self Storage Facility Clients From Environmental Claims
The self storage industry has been one of the fastest-growing sectors of the United States commercial real estate industry in the last 30 years.
There are now over 52,000 primary self storage facilities in the country, and in 2008 the industry had total sales in excess of $20 billion.
* Self storage companies all over the country are acquiring new customers as people relocate and sell their homes due to the economy.
Additionally, as of 2009, more than 700,000 self storage units nationwide are rented to military personnel who are serving away from their homes.
The rapid growth has forced self storage owners and managers to protect their premises from the increased activity that these sites have experienced.
One of the main ways they can do this is by having a solid pollution liability insurance policy to cover themselves against potential problems that could occur from environmental exposures.
Self storage owners and managers should consider securing a Site Specific Pollution Liability policy, which will provide coverage for supervised and unsupervised self storage facilities throughout the U.
S.
Coverage can include: third party liability for bodily injury and property damage claims, first party cleanup costs, and defense costs; Transportation Pollution Liability coverage for waste hauled by the insured or contracted carriers; off-site coverage for non-owned waste disposal sites; automatic Extended Reporting Period (ERP) with optional ERP of up to three years; and an optional Mold enhancement.
Claims caused by a pollution condition may not be covered via the insured's General Liability or Property form, so it is important for these organizations to purchase more protection.
Coverage can be tailored specifically for self storage facilities and their exposures, such as abandoned, potentially hazardous materials, as well as mold.
What Potential Exposures Does a Self Storage Facility Have? · Abandoned hazardous waste · Midnight dumping · Mold · Hazardous runoff during rain events.
· The accumulation of petroleum hydrocarbons in the soil.
· Misuse of self storage spaces involving activities unknown to the facility owner or manager.
· And many other exposures...
Many self storage facilities are affiliated with various associations dedicated to educating members about the challenges present in this type of operation.
Some of them also provide information to members of the self storage facility industry on regulations and insurance recommendations made to these professionals.
Now is a great opportunity to reach out to your self storage facility clients to make sure they have the most effective coverage in place.
* National Self Storage Association Website
There are now over 52,000 primary self storage facilities in the country, and in 2008 the industry had total sales in excess of $20 billion.
* Self storage companies all over the country are acquiring new customers as people relocate and sell their homes due to the economy.
Additionally, as of 2009, more than 700,000 self storage units nationwide are rented to military personnel who are serving away from their homes.
The rapid growth has forced self storage owners and managers to protect their premises from the increased activity that these sites have experienced.
One of the main ways they can do this is by having a solid pollution liability insurance policy to cover themselves against potential problems that could occur from environmental exposures.
Self storage owners and managers should consider securing a Site Specific Pollution Liability policy, which will provide coverage for supervised and unsupervised self storage facilities throughout the U.
S.
Coverage can include: third party liability for bodily injury and property damage claims, first party cleanup costs, and defense costs; Transportation Pollution Liability coverage for waste hauled by the insured or contracted carriers; off-site coverage for non-owned waste disposal sites; automatic Extended Reporting Period (ERP) with optional ERP of up to three years; and an optional Mold enhancement.
Claims caused by a pollution condition may not be covered via the insured's General Liability or Property form, so it is important for these organizations to purchase more protection.
Coverage can be tailored specifically for self storage facilities and their exposures, such as abandoned, potentially hazardous materials, as well as mold.
What Potential Exposures Does a Self Storage Facility Have? · Abandoned hazardous waste · Midnight dumping · Mold · Hazardous runoff during rain events.
· The accumulation of petroleum hydrocarbons in the soil.
· Misuse of self storage spaces involving activities unknown to the facility owner or manager.
· And many other exposures...
Many self storage facilities are affiliated with various associations dedicated to educating members about the challenges present in this type of operation.
Some of them also provide information to members of the self storage facility industry on regulations and insurance recommendations made to these professionals.
Now is a great opportunity to reach out to your self storage facility clients to make sure they have the most effective coverage in place.
* National Self Storage Association Website
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