PhoneSmart Introduces their newest journalist:

• Jim Camoriano was a reporter for a daily and then a weekly newspaper before becoming managing editor of a monthly magazine in the property and casualty insurance industry. He currently is an executive speechwriter and communications strategist residing in Columbia, Mo. He is married to Gayla, and they are the proud parents of two daughters, Alycia, 14, and Cassandra, 9. Jim and Gayla also serve as children’s pastors in their local church, New Hope. Jim enjoys pizza and a good war movie when he’s not thinking about how to put his girls through school. Could this happen to you? Suppose your tenant fails to pay rent—again—and you resort to auctioning off their property. It’s all there in the policy, you have every right to do so, but … Let’s suppose inside that storage unit is a notebook with somebody’s unpublished diary belonging to, let’s say, John Lennon. Suddenly, his family goes to the media for a story and to you with a subpoena. You’ve just been sued, and you’re probably thinking three things:

1. How in the world did Lennon’s diary end up in my facility?
2. Will my insurance cover this?
3. No, really, how in the world did Lennon’s diary end up in my facility? If you think this is an impossible scenario, think again. In 2002, the identical thing actually happened to a storage unit in Florida, except the contents were personal writings by Malcolm X. The papers finally ended up on long-term loan at a library in New York, but the story should make storage owners think seriously about reviewing their loss exposures. You are most likely aware of tenant insurance and it’s ins and outs, but what kinds of specialty insurance do you have? One kind, called Sale-And-Disposal Legal Liability, will protect you against claims arising from selling or discarding property because of a lien sale. It covers incidents like the Malcolm X case. Specialty insurance is pretty sophisticated these days. You can get coverage for just about anything. Another kind of liability policy deals with pollutants, in case certain chemicals or hazardous waste gets stored in your units and then is released onto the surrounding property – the first thing that comes to my mind is fruitcake, but that’s an entirely different blog. Now’s a good time to ask yourself all the “what ifs” about your property, and see if there are any gaps in your own risk management plan. Speaking of Lennon, I can’t help but think he was talking about property management when he penned his most famous song: “Imagine no possessions, I wonder if you can.” Yes, I can. And that’s exactly what you could end up with if you don’t have the right kind, or right amount, of insurance. PhoneSmartYour Offsite Sales Solution

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Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.

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