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PROGRAM ADMINISTRATOR

MiniCo, Inc.

With over 35 years of experience serving the unique insurance needs of the industry, MiniCo, Inc., says it has self-storage businesses covered. Today, MiniCo has one of the strongest brands in the industry. The company offers the nation’s largest self-storage specialty insurance program and remains the leading program administrator 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 Mike Schofield, president, MiniCo Insurance. The company writes nationwide utilizing a businessowners policy (BOP) with specialty coverages designed specifically for the self-storage operator including sale and disposal liability and customers goods legal liability as well as several other coverages. An umbrella policy is also available with limits up to $5 million and higher. Primary distribution is conducted through independent insurance agents. MiniCo also offers tenant insurance programs (contents coverage). Today, the self-storage program represents Liberty Agency Underwriters—National Programs, an affiliate of Liberty Mutual Insurance Company.

When MiniCo began business in 1974, the self-storage industry was comprised of a few hundred facilities countrywide. Current surveys estimate that there are over 59,000 facilities operating in the United States today. The self-storage business has matured into a significant 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 is a lot of opportunity to write this class of business and the industry has been resilient through these recession times,” Schofield says.

The potential benefits for agents writing this market are significant. MiniCo’s average annual commercial premium is in excess of $6,000 with a minimum annual premium of $750. Schofield is justifiably proud of the company’s proven ability to match performance with its reputation. “MiniCo continues to experience in the soft market sound metrics in the areas of retention and quote-to-issue ratio,” says Schofield. “Our exceptional metrics are definitely the result of a quality specialty product and the excellent salesmanship of the agents representing MiniCo.”

MiniCo is dedicated to making it easy for independent agents to do business with the company. Underwriting, rating and policy issuance are handled by MiniCo, and the in-house claims department performs claims adjusting and processing. In 2009, MiniCo introduced the Select Agent program to offer additional benefits to agencies that have indicated an interest in building a self-storage book of business. Technological enhancements will continue to be a priority, and key initiatives are presently underway that will benefit the agent.

MiniCo joined the Target Markets Program Administrators Association (TMPAA) in 2006 primarily in order to network with other program administrators.

Keeping in touch with the self-storage industry is another of MiniCo’s top priorities. The company supports numerous state level self-storage associations and actively participates in events at the state and national levels. 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, the leading monthly publication covering the global self-storage industry, and many other highly respected industry publications.

Over the past three decades, Schofield says, MiniCo has grown during the most pivotal periods of expansion within the self-storage industry and, like the industry itself, has remained resilient through these challenging economic times. MiniCo’s combination of insurance experience, self-storage industry experience, customer service commitment, and dedication to communicating with its target market have helped the company achieve and maintain its unchallenged reputation as America’s self-storage insurance experts.

Agents may learn more about this growth industry by visiting www.minicoinsurance.com or contacting the company’s Customer Care Department at (800) 447-8383 or customercare@minico.com.