Servicemembers Civil Relief Act

The Servicemembers Civil Relief Act (SCRA) was signed into law in 2003 to provide active-duty military personnel some relief from worry about their daily financial burdens by enacting protections from certain penalties that may result from business transactions. Businesses operating in the United States are subject to the SCRA. It is important for your clients who are business owners to understand the protections granted by the SCRA in order to mitigate the risk of costly claims and lawsuits.

The SCRA applies to active-duty members of the Army, Marine Corps, Navy, Coast Guard, and Air Force as well as the following:
• Reserve component members while on active duty
• National Guard component members mobilized under federal orders for more the 30 consecutive days
• Active-duty commissioned officers of the Public Health Service and National Oceanic and Atmospheric Administration (NOAA)

Protections granted under the SCRA may be exercised by anyone holding a valid power of attorney for the servicemember, and some protections also apply to dependents.

The following protections are granted under the SCRA:
1. Reducing the interest rate on any pre-service loans to a maximum of 6 percent
2. Protections against default judgments in civil cases
3. Protections against foreclosure on the servicemember's home
4. Protections against repossession of the servicemember's property
5. Termination of residential housing and automobile leases without penalty
6. Protections against the enforcement of storage liens

This is a very broad overview of the SCRA, and it is critical that insurance agents and their clients operating commercial businesses be aware of and understand the terms of this federal law in order to remain in compliance and avoid claims or lawsuits resulting from violations. Knowingly violating the SCRA may result in fines and penalties including imprisonment.

Learn more about the SCRA by clicking on the links below or by contacting a MiniCo claims professional at 800-528-1056 or claim@minico.com.

Tips for Efficient Self-Storage Claims Reporting

The claim resolution process begins with the initial report. Providing the appropriate information up front greatly helps MiniCo's claims representatives to resolve the issue as quickly as possible.

Here are tips for efficiently reporting a self-storage claim to MiniCo so that your clients realize the best possible outcome in a timely manner.

● Report Online: MiniCo's online forms are the easiest and fastest way to report a self-storage claim. The simplified claim-reporting form requires only the essential information to set up the claim and start the investigation.

● Use an ACORD Form: Reporting a self-storage claim via an ACORD form provides the carrier with the information needed to set up the claim, which allows the investigation to start immediately.

Reporting a self-storage claim through an email only (without a MiniCo or ACORD reporting form) may lead to delays if essential information is missing. MiniCo strongly recommends using our online claim-reporting forms or an ACORD form in order to expedite the claim process.

REMINDER: Please notify MiniCo immediately upon receipt of a notice of possible litigation or retention of an attorney involving any policyholder. Giving our claim professionals the maximum time available to respond is crucial to the effective resolution of the situation.

The Inflation Effect and Year-End Submissions

As the end of 2021 approaches, please keep in mind these tips from the MiniCo underwriters.

Inflation and Property Coverages
Inflation is affecting nearly all sectors of the economy, and your clients are not immune. When evaluating property coverage for renewals or new business submissions, be sure to use the latest cost estimators such as Marshall & Swift/Boeckh to ensure that you secure the appropriate levels of coverage given the rising prices of construction and other materials.

January Ex Dates
January is a busy month for renewals and remarketing accounts. Keep in mind that underwriters and carrier representatives are asked to process the higher volume of submissions while juggling staff outages due to holidays and vacations. If you have clients with January expiration dates, MiniCo encourages you to get those submissions to us as soon as possible.

MiniCo’s Corporate Holiday Schedule

The holidays are fast approaching, and MiniCo wants to ensure that you and your clients receive the highest quality customer service throughout this hectic time of year. Our corporate offices will be closed on the days listed below in observance of the holidays.

MiniCo’s Corporate Holiday Closures
• December 23rd
• December 24th
• January 3rd

If you need to report a claim during our holiday closure, please call 855-861-0876 to reach an adjuster.

We at MiniCo thank you for your business in 2021 and wish you a peaceful and propserous New Year!