I operate a valet style, indoor vehicle storage facility and have had trouble finding insurance to protect my client's vehicles. We require that they carry their own insurance and sign a hold harmless but I would like to have a reasonable priced policy. The problem seems to be the insurance industry's lack of a risk profile for this type of business. Insurance can be purchased from providers like Loyds of London but at a per vehicle cost nearly = to the cost of storage. Does anyone have ideas on providers that are addressing this rapidly growing market?

You are so right about the high cost of valet vehicle storage. We were specifically told NOT to do this by our insurance provider. Our units are all covered, but without doors and all are outside. We store many high dollar motorhomes and designed our spaces to allow the owners to have plenty of room to pull their own rigs in. There is no way we could afford the liability - our insurance company told us that we would be blamed for any little nick or dent/scratch, etc. We also require that our tenants have their own insurance coverage and require an addendum to our agreement for owner's declared value. Good luck.

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[font="Comic Sans MS"]Nurse Schlagal[/FONT]

The majority of self-storage insurance available in the market does NOT cover any auto exposures other than hired and non-owned auto. This is a difficult and expensive issue. We understand that this is a service that you want to provide to your tenants and are looking into reasonable methods to insure the exposure but at this point in time, it is not easy to obtain and is very pricey.

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Randy J Tipton, CIC
President
Universal Insurance
3300 N Central Ave, Suite 1520
Phoenix, AZ 85012
randyt@univins.com
800-844-2101 extension 1153