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 |
| 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 |
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
- Defense Costs - Outside the Limit
- 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
- Defense Costs - Outside the Limit
- $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 $10 Million limit available)
- 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.