Underwriting Older and Converted Buildings

One of the most effective ways to get the best possible quote on a commercial property risk is to submit a complete and detailed application. If your client is seeking to insure an older building or converted building, this is even more critical. These risks can pose some underwriting challenges particularly when the application is vague or omits important information. When underwriters have complete and detailed information from the beginning of the process, it saves time for you and results in a quicker quote turnaround and the best possible pricing and terms available for your client.

Applications for Older and Converted Buildings

• Use the Online Portal – MiniCo’s online agent portal is the fastest and most efficient way to submit an application for a self-storage risk. If you need to use a traditional application, or are seeking coverage for non-storage buildings please be sure to download the latest version directly from MiniCo’s website. Submitting outdated applications or forms from other carriers can delay the underwriting process.

• Help the Underwriter – Remember that underwriters want to write the business, but they are required to justify their pricing. Be sure to include any information that could help in pricing the account. Don’t be afraid to mention negative information as this can aid in building trust with the underwriter.

• Include Details – When it comes to older and converted buildings, underwriters need details about the condition of and/or updates to roofing, electrical systems, plumbing, heating, and other factors. Was the building completely converted or just updated? Does the owner have required maintenance procedures in place? When did the updates occur? Keep in mind that if you don't provide the information to the underwriter, they will assume the worst.

• Don’t Guess – Unless you are fairly certain of an answer, don’t guess. Collect the required information prior to submitting the application.

• Know the Coverages – Be aware of the coverages requested on the application as some can have a significant impact on the final premium.

• Attach Documentation – Submit photos, site diagrams, loss runs and any other documentation that can be useful in pricing the quote. Include pictures of the open electrical box, heating and plumbing equipment, the roof, windows and doors, pavement and parking areas, and more.

For more information about MiniCo's insurance solutions for self-storage risks and other commercial properties, contact your MiniCo underwriter at 800-528-1056.

Jencap's Resources for Agents and Producers

Earlier this year, MiniCo introduced our new branding as a subsidiary of parent company Jencap Group, LLC (Jencap) and member of the Jencap Program Administrators division. Jencap's corporate motto "Better Together" acknowledges that MiniCo is now connected to all of Jencap's resources, and it's a relationship that benefits our valued agents and producers.

If you have a risk that falls outside of MiniCo's product portfolio or program guidelines, Jencap may offer a solution to meet your needs. The Agent Resources page on the Jencap website provides a brief form to share your contact information as well as details about the risk including industry, coverage needed, risk state, and risk characteristics. You also may attach and submit an application as part of the online form, and a Jencap representative will follow up promptly.

MiniCo Risk Management Center

The new MiniCo Risk Management Center is a free educational resource for policyholders. The online portal offers 24/7 access to a wide range of valuable resources and tools to help business owners find solutions for daily challenges including risk management, compliance, HR, and safety (including OSHA) needs.

The MiniCo Risk Management Center is currently available for ArtisanPAK and LandscapePAK policyholders with more programs to be added in the future. There is no cost for insureds, and the portal is available to the named policyholder as well as their managers and staff. For more information or to enroll your clients, contact Leslie Wilson at leslie.wilson@minico.com or 916-566-1000 ext. 0009.

Cyber Insurance White Paper

All businesses are vulnerable to cyberattacks and data breaches, but many owners of small and medium-sized businesses underestimate the threat. MiniCo has prepared a white paper about the growing risk of cybercrime filled with information to assist you in discussing exposures and coverage options with your clients. The white paper discusses risks specific to self-storage operations, but the risk management recommendations and explanations of cybercrime trends are applicable to a wide range of commercial businesses.

Topics include the following:
• Cybercrime risk trends
• Financial impact of a data breach
• Tips for making a business a "hard target"
• Top cybersecurity threats for businesses
• Cybersecurity best practices

For more information about MiniCo's cyber insurance program including a premium indication, contact Michael Attanasio at 518-782-3300 or michael.attanasio@minico.com.