What’s in those drums?
Upon taking possession of a unit you find it filled with 55 gallon drums and they’re not empty! Gasoline, oil, toxic or medical waste or just water, it’s anybody’s guess. But what do you do with them – take a chance and open them up? Haul them away yourself? Not likely, nor prudent. If they do contain hazardous materials, the PLUSS program provides coverage for the clean-up costs that would be incurred for that unit as well as property damage to other units that might have occurred from vapors, fumes or liquids migrating from the drums.
Nearby water – you’re exposed!
Suppose a sudden thunderstorm drops 6 inches of water in several hours at your site. The surface water cannot be absorbed fast enough and several inches of water flow through the facility onto adjacent property and into a stream, gully or pond – just as it always does. Soon after nearby residents notice an oily substance in and around the stream bed. The source of the contaminant is traced back to your storage facility. It could be leaking vehicles or a dump station or vehicle wash station that had its drain backed up by the large water volume passing over the facility. Regardless, the waterway is now contaminated and you are responsible. This is a pollution condition as defined by the PLUSS program and the policy can be called upon to respond to your legal liability for cleanup and restoration of the waterway and your own site. Also, natural resource damage that might occur and any resulting bodily injury caused by the contaminated water getting into the public water source can be covered by the PLUSS policy.
Do you have any idea how much fuel is in those boats and RVs?
RVs and boats carry large quantities of diesel fuel, gasoline and hydraulic fluids. You have inherited a significant new risk to consider. A slow fuel leak occurring over the term of a lease can seep into and contaminate the property. The contaminant can also migrate to nearby or adjacent units. The clean-up costs and property damage for your property, your neighbors’ property and the personal property of your tenants can be substantial. The PLUSS program can provide coverage for on-site and off-site property damage and clean-up of pollution conditions such as this.
“Universal Insurance prides itself on creating insurance solutions! Self-storage is somewhat of a clandestine business and we know that some tenants use the facilities for illegal and inappropriate reasons. We listened to many storage owners regarding their concerns about what would happen if a “pollution event” occurred. In 2007, I created PLUSS (Pollution Liability Underwriting for Self-Storage) which transfers risk from the storage operator to an insurance company for a reasonable premium, while providing specialized and vital coverages. These coverages are typically excluded from a standard policy. We are very proud of our solution based philosophy and our ability to provide peace of mind.”
“Universal’s PLUSS program has helped close the gap on exposures for my clients. While pollution events are not something that occur every day, when they do they are very costly and can create a lot of extra work and expense to a facility and owner. The PLUSS program is the only program out there that covers the broad range of exposure specifically pertinent to the self-storage industry.”
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July 15, 2016 | adminIn today’s world, the risk of an uninsured pollution event is real. Dangerous chemicals, hazardous…
Coverage designed with you in mind.
Universal Insurance has been providing comprehensive coverages to business professionals across the United States. The Arizona based firm was established in 1992 with the vision of providing specialized insurance programs to niche markets. To this day, Universal Insurance has a passion to help business owners by offering uniquely tailored insurance products.
Too often, entrepreneurs are over paying for insurance while having major gaps in coverages. The specific insurance needs for niche markets are better placed with customized programs.
Universal Insurance has a commitment to education and development in the insurance field as well as the specialty markets they represent. The staff at Universal Insurance travels nationally to attend tradeshows, hold seminars, and assist with risk management techniques.
Randy Tipton, President of Universal Insurance explains, “Our dedicated staff is extremely talented and we love what we do! We strive to provide the best coverages while reducing the overall insurance costs.”