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The fundamental element of any insurance program is claims, and MiniCo’s claims staff deals regularly with large-exposure claims. That is one reason why we employ top underwriting talent and highly experienced claims professionals.
MiniCo, Inc. recently collected its claims payment statistics from July 2003 through November 2006, and the results were a little surprising. For many years, payments for self-storage fire claims have been the top expense for MiniCo's claims department. However, this report demonstrates that settlements for wind claims have now taken the number one spot. Here are some interesting observations from the statistical analysis.
 Wind
Wind, largely in the form of hurricanes and tornadoes, accounted for our largest percentage of all settled claims. In fact, with individual loss exposure potential in excess of $2 million, we rely upon the strength of Safeco, our business partner, to augment the expertise and professionalism of MiniCo’s underwriters and claims staff to ensure quality policy and claims production.
 Fire
By comparison, fire, historically MiniCo’s primary claims settlement expense, represented our second largest percentage of settled claims. Again, with individual exposures totaling in the millions of dollars, Safeco and MiniCo rely upon the expertise and professionalism of their underwriting and claims staff working together and supporting one another throughout the entire policy process.
Premises Liability
During the study period, premises liability claims was the third-largest grouping of claims settlements. MiniCo’s claims staff has vast experience handling individual premises liability cases with liability exposure ranging from very little to well in excess of $1 million. Of those premises liability matters, claims of a slip-and-fall nature, which always harbor the potential for serious injury particularly in the winter months, account for a fast-growing segment.
Other Claims
Hail, lightning, customers goods legal liability, and sale and disposal liability claims rounded out our top seven settlement expenses. The remaining settlements were comprised of claims for vehicles, theft, water damage, other property, vandalism, and employee dishonesty.
As you can see, MiniCo encounters a broad mix of claims activities from small claims matters to multi-million-dollar exposures. With an average of over 20 years of insurance experience for each adjuster, MiniCo’s claims team has the self-storage industry knowledge and expertise to provide excellent customer service for every claim. For more information, please contact Claims Manager Michael Rice at 800-528-1056, ext. 3565, or e-mail mrice@minico.com.
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