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Target Markets Program Administrators Association Program Administrator MiniCo, Inc. With over 30 years of experience serving the unique needs of the industry, MiniCo, Inc., says it has self-storage businesses covered. Today, MiniCo says, it offers the nation’s leading self-storage specialty insurance program, and remains the only insurance provider dedicated solely to the self-storage industry. “Self-storage businesses face unique risks, and MiniCo has unmatched experience in understanding and writing these risks,” says President Mike Schofield. The company writes nationwide, using a businessowners policy with specialty coverages designed specifically for the self-storage operator, including sale and disposal legal liability and customers goods legal liability as well as several other coverages. Primary distribution is conducted through independent insurance agents. MiniCo also offers tenant insurance programs (contents coverage). For the past 10 years MiniCo’s insurance programs have been underwritten by Safeco, an A.M. Best A rated company. When MiniCo began business in 1974, the self-storage industry was comprised of a few hundred facilities countrywide. Current surveys estimate that over 45,000 facilities operate in the United States today. The self-storage business has matured into a profitable real estate sector; however, the majority of self-storage facilities are still individually owned and operated. “The key thing that agents need to know about self-storage is that there’s a lot of opportunity to write this class of business,” Schofield says. The potential benefits for agents writing this market are significant. MiniCo’s average annual commercial premium exceeds $6,000, with a minimum annual premium of $750. Schofield is proud of the company’s proven ability to match performance with its reputation. “MiniCo experiences exceptional metrics in the areas of retention and quote-to-issue ratio,” says Schofield, “which definitely benefits the agents accessing the program.” MiniCo is dedicated to making it easy for independent agents to do business with the company, Schofield says. Underwriting, rating and policy issuance are handled by MiniCo, and the in-house claims department performs claims adjusting and processing. In 2003 MiniCo implemented a new browser-based system that helps the company provide expedient customer service to agents, and significantly shortens response time on policy quoting and issuance. MiniCo joined the Target Markets Program Administrators Association (TMPAA) this year in order to network and share benchmarking data with other program administrators, and to use the information gathered to improve operational effectiveness and efficiency for the benefit of the agent. Agents can learn more about this growth industry by visiting www.MinicoInsurance.com, or by contacting Market Development Manager Merle Harris at mharris@minico.com or (800) 447-8383. Keeping in touch with its target market is another of MiniCo’s top priorities, Schofield comments. The company supports numerous state-level self-storage associations, and actively participates in events at the state and national level. In addition, the company publishes e-Risk Management, a quarterly electronic newsletter for self-storage owners, operators and managers. MiniCo also publishes Mini-Storage Messenger, a monthly periodical covering the global self-storage industry. Over the past three decades, Schofield says, MiniCo has evolved during the most pivotal periods of growth within the self-storage industry and, like the industry itself, is still going strong. MiniCo’s combination of insurance experience, self-storage industry experience, customer service commitment, and dedication to communicating with its target market, Russell says, have helped the company achieve and maintain its unchallenged reputation as America’s self-storage insurance experts. * |
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