In addition to the self-storage policy discussed on the Commercial Smd- pages (see Self-Storage Facilities), Greenwich Insurance offers a policy that a customer of a self-storage facility may purchase to insure personal property while within the storage space described in the policy. The policy is intended for those who either have no insurance on their personal property or whose insurance is not broad enough to cover the property while in storage.

Note: this product was previously offered through Atlas Insurance Co.

2. CONTACT

Mr. Scott H. Lancaster, CPCU, ASF
Deans and Homer
340 Pine St.
San Francisco  CA  94104
(800) 548-1616
(800) 789-0464 (FAX)

3. UNDERWRITING GUIDELINES

The policy is only written on property at approved storage facilities. Basic requirements for approval are completely fenced premises and a resident manager at the facility. Exceptions may be made if the facility has alternate security measures, such as an alarm system; of if the facility is located in a low crime area.

4. AVAILABILITY OF COVERAGE

All states except Wyoming. Coverage in Illinois is underwritten by the Folksamerica Reinsurance Company.

5. PROPERTY

LIMITS AND DEDUCTIBLES AVAILABLE. The minimum amount of coverage is $2,000; the maximum, $20,000. The standard deductible is $100.

INSURING AGREEMENT. The policy promises to cover the described property in storage “within the described storage space.”

DEFINITIONS. The only words defined are “you” and “your”; “we,” “us,” and “our”; and “lessor.”

A.     Lessor — the name of the master policyholder (the owner of the self-storage facility) from whom the named insured has rented a self-storage unit.

WHO IS INSURED. The named insured.

WHAT IS INSURED. The policy covers the insured's property and the property of others for which the named insured has “assumed liability prior to a loss.” The property must be in storage within the described storage space.

In addition, the policy provides the following, up to the stated amounts:

A.     Theft—the policy provides “limited” and “full” theft coverage. If the customer selects “limited” coverage, the policy pays up to 50 percent of the limit of liability for a theft loss; 100 percent for “full” theft coverage.

     Theft losses must be reported immediately to the police. The policy specifies that “absence of a lock or padlock will not of itself prove theft.”

B.     Debris removal—25 percent of the limit.

C.     Extra rental expense—25 percent of the limit to cover the expense of renting another storage space when the insured cannot use the described space because of loss or damage to the facility from a covered peril.

PERILS. The policy covers damage from the following perils: fire or lightning; windstorm or hail; explosion or sonic boom; strikes, riot, or civil commotion; landslide; vehicles; smoke; falling objects; vandalism; earthquake and volcanic eruption; weight of ice, snow, or sleet; collapse of buildings; aircraft; water damage; and sink hole collapse.

     In order for coverage to apply under the following perils, the building must also suffer damage: windstorm or hail; and falling objects.

EXCLUSIONS. The exclusions involve property not covered and types of losses not covered:

A.     Property not covered—accounts, bills, deeds, evidences of debt, securities, money, jewelry, furs, etc.

B.     Excluded types of losses:

     1. Flood, surface water.

     2. Wear and tear, gradual deterioration, etc.

     3. Breakage of fragile articles.

     4. War.

     5. Nuclear.

6. CONDITIONS

The following conditions apply:

A.     Valuation—the value of damaged property will be determined at the time of loss; at the smallest of:

     1. The property's actual cash value.

     2. The cost to restore the property to its preloss condition.

     3. The cost to replace the property with “substantially identical property.”

B.     Pair, set, or parts.

C.     Other insurance—this policy pro-rates with other applicable insurance.

D.     Duties after loss — in addition to notifying the insurer, the police must be called if the loss is due to burglary.

E.     Concealment, misrepresentation, and fraud.

F.     Examination under oath.

G.     Appraisal.

H.     Loss payment/other recoveries—losses will be paid within fifteen days of agreement with the insured. The insurer is not liable for any part of the loss paid by others.

I.     Legal action against the insurer—must be brought within two years after the insured has knowledge of a loss.

J.     Transfer of rights of recovery.

K.     Cancellation—the insurer may cancel for any reason with a fifteen-day written notice. The minimum earned premium is $15. The policy may be non-renewed with a sixty-day written notice. These time periods are subject to individual state laws.

L.     Changes.