automotive "self" storage

[Ryan Toth]

Hi BP,

We would need to fund the venture, however, I'm not sure how it would be classified. As of now I am awaiting a geological survey to be completed and verification zoning is not an issue (which it shouldn't be). 

He is a veteran and has a good relationship with our local CU, however I think we may need to be a bit more creative. Just not sure how to pitch the idea...

PS-not sure what happened to my text there.

Thoughts?

[Kevin Romines]

When it comes to insurance, the one big issue I would be sure to cover is Bailee's coverage. Bailee's coverage will pay for losses to items that you have that is in your care custody and or control. Now I'm not actually sure if underwriting would consider the self storage as your care custody and control, especially if you have lockable units, but if they do and you are allowed this coverage, you must them guess as to the maximum value of all other peoples items that you have on premises at any one time and have coverage sufficient to cover that amount? A fire could break out and take everything out, maybe a tornado?

It would be really bad to have lost your whole facility and now be sued for the hundreds of thousands in value of other peoples items. Make sure to double check the perils and exclusions of this coverage.