Date: May 22, 2009
No: 09-0412
Co: Business Insurance
Service Operations: All
States: All
To: Agents and district managers
Subject: Eligibility for public self-storage facilities
Effective: Immediately
Synopsis: We’re expanding eligibility for Commercial Real Estate BOPs to include public self-storage facilities.
Background: As part of our continuing efforts to grow Commercial Real Estate BOP, we’re expanding the underwriting eligibility guidelines to include public self-storage facilities. This is yet another Commercial marketing opportunity than can help your agency grow profitably.
• Any open-lot storage should be minimal (generating less than 10 percent of revenues).
• The facility may be no more than two stories high.
• Cold-storage facilities are ineligible.
• Facilities storing industrial materials, chemicals, pollutants and waste are ineligible.
• Outdoor storage of motorized vehicles of any type — including campers and recreational vehicles — is ineligible.
• The facility must comply with state laws on self-storage.
• The customer should secure hold harmless agreements from tenants.
• Tenants must be responsible for insuring their own personal property.
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