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