Note: The Chubb Self-Storage Facilities Program is no longer offered through Stroud National Agency, Inc.; this article is maintained for archival reference only. For information on our current offerings, please visit our Wholesale Insurance Products page.
One of our trusted carrier partners, Chubb, has recently brought to our attention their new Self-Storage Facilities Program, which could be a great additional resource for our agents who sell small business coverage. Please see the program information below and contact us with any questions.
Overview:
The Chubb Self-Storage Program is sold on admitted paper and is designed to provide Commercial Package coverage for eligible self-storage facilities. Ineligible in Colorado and Texas.
Product Offering:
- Package Policy (ISO based) including:
– Commercial Property (Building & BPP)
– General Liability
– Business Income - Equipment Breakdown
- Sale and Disposal & Customers’ Goods Legal Liability
- Hired Non-Owned Automobile Liability
- Commercial Excess Liability
- Coverage & Limits:
– General Liability up to $2M Occurrence, $4M Aggregate
– Excess Liability up to $5M
– Hired Non-Owned up to $1M
– Sales & Disposal Legal Liability up to $1M
– Customers’ Goods Legal Liability up to $1M
Tailored Coverage Features:
- Admitted Product
- Automatic blanket limit of insurance for select property coverages
- Business Property Enhancements:
– Business Income automatic extension to 365 days
– Damage to Building from Theft
– Ordinance or Law
– Employee Theft including Forgery or Alteration
– Outdoor Property: Fences; Paved Surfaces; Trees/Shrubs/Plants
– Newly Acquired – Building and Personal Property
– Computer Equipment and Electronic Data
– Pollutant Cleanup and Removal
– Valuable Paper and Records
– Back-up of Sewers and Drains
Preferred Account Characteristics:
- TIV: $1.5M to $50M
- Built after 1990
- 90% or more Self-Storage occupancy
- Non-Combustible Construction
- Within 5 miles Fire Department Protection
- Outdoor storage of Watercraft, RV, Vehicle Storage, less than 20% of sales
- Claims: up to 3 in past 5yrs
- Incidental lessor’s risk
- High end building conversions
Ineligible Classes:
- Commercial Automobile
- Personal Property of Others
- Mobile Storage Operators
- Indoor Vehicle, RV and Boat storage
- Wine Storage
Key Program Benefits:
- Chubb claims handling
- Direct Bill with installment and credit card capabilities
- Loss/Risk Control expertise
Submission requirements:
- Current Statement of Values (SOV) or Current Coverage Limits/Deductibles
- Current or Target Premium
- 3-5 years of loss data, Loss Runs preferred
- Details surrounding any of the following exposures:
- Converted Buildings
- Non-self-storage exposure
- Vehicle, RV and/or Watercraft Storage
- Chubb Supplemental Application (or similar document)
If you’re interested in selling Self-Storage coverage, please complete a Small Business Commercial quote request form and email it and applicable Accord forms to stroud@stroudga.com.
Updated 08.15.23
