Lexington Insurance Company, a Chartis company, has launched a new Self Storage Facilities Program, to provide an enhanced property and liability coverage for owners of self storage facilities.
Lexington said that it will be working with All Risks’s national specialty programs unit to serve this growing niche.
The new program is designed to meet the coverage needs of facilities that rent storage space to individuals and businesses. It includes the company’s new property, general liability, equipment breakdown and crime coverage, and also provides coverage for sales and disposal liability, and also customer goods legal liability.
The coverage is provided via a package policy, but is also available on a stand-alone basis if so desired.
Vince Pugliese, SVP and program division executive of Lexington, said: “With over 52,000 self storage facilities in existence, representing over 2.35 billion square feet of storage, the self storage industry in the US has routinely been identified as a top-tier growth industry. We are excited to bring a quality insurance program to this sector and work with All Risks, as our program administrator.”