In the last 30 years, the self-storage industry has been one of the fastest-growing segments of the commercial real estate industry in the United States. There are currently over 52,000 main self-storage facilities in the United States, with gross revenue exceeding $20 billion in 2008. People are relocating and selling their homes as a result of the downturn, and self storage businesses around the country are seeing an increase in new customers. Additionally, as of 2009, over 700,000 self storage units were leased to military personnel serving away from their homes across the country. Visit us on Storage Near Me.
Self-storage owners and operators have been forced to protect their facilities from the increased activity that these locations have seen as a result of their rapid growth. One of the most important ways they can do this is to have a solid pollution liability insurance policy in place to protect them from any issues caused by environmental exposures.
Owners and operators of self-storage facilities should consider buying a Site Specific Emissions Liability policy, which would include both monitored and unsupervised self-storage facilities in the United States. Third-party liability coverage for personal injury and property harm cases, first-party cleanup costs, and protection costs; Transportation Contamination Liability coverage for waste hauled by the insured or contracted carriers; off-site coverage for non-owned waste disposal sites; compulsory Extended Reporting Period (ERP) with optional ERP of up to three years; and an optional Mold enhancer.
Claims resulting from emissions may not be protected by the insured’s General Liability or Property type, so these businesses can buy additional coverage. Coverage for self-storage facilities and their exposures, such as abandoned, potentially dangerous materials, and mould, may be customised specifically for them.