StorageFirst is one of the most comprehensive property and liability programs for self-storage business, mobile self-storage and records storage operators. The following is an overview of the self storage business insurance coverage offered. This is only a summary of coverage and is subject to policy conditions, limitations and exclusions that may vary from state to state.
Note: Document/Records storage accounts are only eligible if part of a traditional self-storage operation.
Property Coverage Highlights
The NOVA Casualty Company property policy form offers numerous coverage enhancements including:
- Replacement cost coverage on buildings and your self storage business personal property.
- Blanket limits for buildings, business personal property and business income.
- Agreed value. No coinsurance.
- Fencing and gates included under the definition of building.
- Business income with Extra Expense. (Reimburses the insured for loss of income during the construction period)
- Extended business income. (Reimburses the insured for loss of income for up to 180 days after reconstruction during the rent up period)
Property Coverage Enhancements*
| Newly Acquired or Constructed Property |
|
| Each Building |
$1,000,000 |
| Each Location for Business Personal Property |
$500,000 |
Debris Removal (additional)
|
$250,000 |
| Pollutant Cleanup & Removal |
$100,000 |
| Fire Department Service Charge Policy Limit |
$50,000 |
| Ordinance or Law |
|
Coverage A - Included in the building limit
|
Included |
Coverage B & C - Combined Limit
|
$250,000
|
| Personal Effects |
$25,000 |
Valuable Papers & Records (other than electronic data)
|
$25,000 |
At all described premises
|
$50,000 |
In transit or at all undescribed premises
|
$25,000 |
Loss Data Preparation Costs
|
$25,000 |
| Outdoor Property |
$25,000 |
| Accounts Receivable |
$25,000 |
At all described premises
|
$50,000 |
In transit or at all undescribed premises
|
$25,000 |
| Fine Arts |
$10,000 |
| Personal Property at other Premises |
$25,000 |
| Personal Property in Transit |
$25,000 |
| Extra Expense |
$25,000 |
| Employee Theft |
$50,000 |
Electronic Data
|
$50,000 |
| Money & Securities |
$25,000 |
Money Orders & Counterfeit Paper Currency
|
$25,000 |
| Forgery or Alteration |
$25,000 |
Outdoor Signs
|
$50,000 |
At or within 1,000 feet of described premises
|
$50,000 |
Undescribed premises
|
$5,000 |
Lost Key Consequential Loss
|
$25,000 |
Appurtenant Buildings & Structures
|
$100,000 |
Sewers and Drains - Backup - up to
|
$100,000 |
* Higher limits are available for most items above.
Commercial General Liability
| General Aggregate Limit |
$2,000,000 |
| Products-Completed Operations Aggregate Limit |
$2,000,000 |
| Personal & Advertising Injury Limit |
$1,000,000 |
| Each Occurrence Limit |
$1,000,000 |
Damage to Premises Rented to You Limit (any one premise)
|
$100,000 |
Medical Expense Limit (any one person)
|
$5,000
|
Customers' Goods Legal Liability
- Available Limits - $50,000 to $1 Million per occurrence & Aggregate
- No Mold Exclusion
- Duty to Defend
- No Deductible for traditional self-storage accounts (Mobile self-storage and Records/Document storage accounts will have a $1,000 per occurrence deductible)
Sale & Disposal Legal Liability
- Available Limits - $50,000 to $1 Million per Claim & Aggregate
- Duty to Defend
- $1,000 Deductible per Claim
Optional Coverage Lines
- Hired and Non-Owned Auto. The lmiit is included in the GL limit. (This coverage is only offered when the named insured does not have an owned auto policy)
- Umbrella Liability (up to $5 Million; however higher limits may be available upon request)
- Workers' Compensation - Not available in all states. See WC section.
- Resident Manager's Personal Liability (Can be included as an endorsement to the GL policy - $100 minimum premium)
- Employee Benefit Liability (Claims-made form)
- Equipment Breakdown (Can be included as an endorsement to the property policy form)
- Inland Marine
StorageFirst does not offer owned auto coverage.
All products, except Workers’ Compensation, are underwritten by NOVA Casualty Company, part of AIX Group and a member of The Hanover Insurance Group. Coverage may not be available in all jurisdictions and is subject to the company underwriting guidelines and the issued policy. This material is provided for informational purposes only and does not provide any coverage.