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Storage Insurance Frequently Asked Questions

 
 
 

Can you insure a shipping container?

If you do not actually own the container then the answer is 'No', as you do not have any insurable interest and the renter of the container should insure it.

 
 
 

What is the best self storage insurance ?

There are a number of insurance providers including the self storage facility themselves, but this is often expensive and being provided by a non regulated company who have a little understanding of the actual cover being afforded. 

We strongly suggest you use a a self storage insurance provider who is regulated by the Financial Conduct Authority (FCA), based in the UK and the insurer is a household name. We do not use overseas based insurers.

 
 
 

What insurance do I need for self storage?

The basic cover is for named perils only eg. losses arising from a major catastrophe such as a flood or fire and should include loss or damage for the transit to and from the self storage facility. We strongly recommend you read the Insurance Product Information Document (IPID) which will give you a plain English explanation of the cover afforded without the 'small print'.

All insurance providers MUST make this available to you. If your self storage facility does not provide such a document then you should question the validity of their insurance.

 
 
 

How much is self storage insurance ?

The cost is based on the sum insured (value of your goods) and the length of time they will be stored in the self storage facility. We aim to be competitive in our pricing but, equally, we want you to have the support of a first class insurer should you need to claim and this is the reason your goods are insured at Lloyd's, one of the most reputable insurance organisations in the world, who have been in existence since 1688.

For your security and protection and, unlike some of our competitors, we do not use insurers based overseas for obvious reasons.

 
 
 

Do you include loss or damage arising from mould or mildew?

Loss or damage arising from mould or mildew is included if it is caused by an insured peril. For instance, there is ingress of rainwater but this is not discovered until some time later. The wet goods have partially dried but mould or mildew has appeared. The proximate cause of the loss was as a result of the rainwater which is an insured peril, therefore this would be covered under the Policy.

If mould or mildew appeared after a period of time and there was no clear evidence of an ingress of water, but this was simply due to the storage unit being damp or the goods damp at the time storage commenced, then any loss or damage would NOT be covered under the Policy.

 
 
 

Fixed Term Policy or 28 day Rolling Renewal

When buying a Policy you have the option to :- 

i) buy a Policy on a 28 day rolling basis which we will automatically renew and we will forward to you a new Policy document for the new period OR

ii) buy a Policy for a specific period, ie 14th June to 29th August, where you pay all the premium upfront. We will send a notification that you Policy is about to expire, some 7 days prior to the actual expiry date of your Policy, and seeking your further instructions.

 
 
 

What is the definition of a flood from an Insurer's perspective ?

A flood is defined as being an overflow of water that submerges land which is usually dry or land not covered by water. It is usually associated with an overflow from a dam/reservoir system, river, lake or canal that may be caused by an increase in water levels through melting snow or intense rainstorm. Flooding may also occur where there is inundation from the sea or during events where drainage systems cannot cope and hence overflow (or backup).

Some or our competitors only include loss or damage from flood (as above) but we go further and include ingress of rainwater from leaking roofs and/or blocked guttering .

 
 
 

Sunday Telegraph expose on self storage insurance rip off by the self storage companies

Sam Parker, journalist for the Sunday Telegraph, finds 'Customers who buy contents insurance through their self storage firm are routinely overpaying by three times more than they could get elsewhere.'

We will shortly being posting his entire article on our site.

 
 
 

What happens in the event of a claim ?

All claims are handled by the Insurer or their Appointed Agent but we receive regular reports to ensure all claims are handed in a timely manner and there is no undue delay with the management of your claim. Goods stored with a company who is a member of the Self Storage Association (SSA) or the British Association of Removers (BAR) is free of any excess otherwise a £ 250 excess will apply in the event of a claim.

Please note Insurers have no desire to delay settlement but can only settle your claim in accordance with the terms and conditions of the Policy.

 
 
 

Do I need self storage insurance whilst storing my goods ?

We strongly recommend you purchase insurance whilst your goods are at the self storage facility. In fact, many self storage facilities will not allow you to store your goods unless they are insured.

 
 
 

My Policy is due to expire in a week/month’s time but I have already taken my goods out of store. Do I get a rebate of premium ?

Our premium is rated on a daily basis so any for any unused insurance period will be entitled to a premium rebated from Insurers. However, our fee which is identified as separate charge is non-returnable.

 
 
 

What type of goods are excluded under the Policy Conditions ?

These are clearly set out in the Terms and Conditions though we have endeavoured to keep the list of excluded items to a minimum. We are unable to insure commercial goods, stock, cars or caravans.

 
 
 

My Policy is due to expire, how do I go about extending cover ?

You will need to log in to your account and simply purchase a new Policy for the additional period of storage required.

 
 
 

My chosen self-storage facility insists I purchase their insurance and not from yourselves. How come ?

Many self-storage facilities use the insurance as a significant revenue stream, and insist on you purchasing their insurance (similar to past practise with the travel industry insisting you bought their travel insurance). We are of the opinion this is unfair and goes against the spirit of The Competitions Act of 1998 and The Consumers Rights Act of 2015 which addresses restricted business practices, unfair terms in consumer contracts and abuse of a dominant market position.

Also many branch managers at some of the larger multi-branch facilities incentivise their branch mangers based on insurance sales.

 
 
 

What type of storage facilities are acceptable ?

We can insure goods stored in any recognised self storage facility. Goods stored with a company who is a member of the Self Storage Association (SSA) or British Association of Removers (BAR) is free of any excess otherwise a £250 excess will apply in the event of a claim. We cannot accept goods insured in private facilities such as garages or lock ups or goods stored in wooden boxes or wooden lift vans provided by the self-storage operator.

 
 
 

Your Policy covers the same as that from the Self Storage operator and other web based schemes but your premiums are significantly cheaper. How come?

We are totally transparent in all our costings and do not charge excessive fees or artificially 'gross up' the rate set by the Insurer.

 
 
 

I only want to insure my goods for a few days. Is this allowed ?

Yes, unlike our competitors we only charge a daily rate for the actual period of time your goods are in store with NO minimum premiums or minimum period of time