“Space; the final frontier,” were the first words heard by Star Trek fans when they watched the original series during its three-year run from 1966-69. From that original television series came the inspiration for 11 feature films, an animated series, and four other television shows that ran from 1987-2005.
Having so many spin-offs can only be possible when the basis is something of high quality that people can rest assured will not diminish in value or popularity. The same concept is just as applicable to the business world as it is in Hollywood. The relationship between the self storage industry and the insurance industry in Canada is a good example.
The self storage industry in Canada is far behind the one in the United States, but it is growing and the second largest one in the world with over 3000 self storage facilities across the country.
As more and more people begin to trust their personal treasures to self storage facilities, it is only natural that they would want a little security in case something happens regardless of who is to blame. That is where insurance companies have been kind enough to step in.
Aran Insurance Services Group is one company that has begun offering insurance policies to self storage customers in Canada through a subsidiary, MiniCo Insurance Agency. The new affiliate will be known as MiniCo Insurance Agency of Canada.
“MiniCo’s entry into the international self storage insurance market breaks new ground for the company and represents our continued commitment to growth. This is the first step on our plan for MiniCo to bring its entire suite of products and expertise to Canadian insured,” said John LaCava, President and CEO of Aran Insurance Services Group.
Self storage tenants can obtain a variety of different kinds of coverage and amounts. One of the more common policies will cover sale and disposal liability which means that the tenant will be protected up to a certain dollar amount in case of negligent acts that occur due to the self storage facility having to seize, auction, and/or dispose of the goods inside a unit due to an unpaid bill.
Insurance especially benefits the owners of self storage facilities from different things such as a tenant’s goods being stolen or damaged. Coverage can also be had to cover owners in situations where they are forced to dispose of a tenant’s belongings and there are pollutants involved.
The self storage industry is going to continue to grow in Canada for the same reason that it does in the United States; a lagging economy and the need for space. It stands to reason than that the insurance industry will continue to grow right along with it since people will want to make sure their possessions are protected.
“Aran Insurance Services Group to Offer Specialty Property and Casualty Programs in Canada.” Digital Journal; 29 August 2011.
Coverage Highlights; MiniCo Insurance Agency.
2011 SSA Fact Sheet; Self Storage Association.