StoreProtect – A modern approach to customers’ goods protection
StoreProtect is a contractual liability solution developed by Basil Fry as an alternative to customer insurance. We have adapted our unique contract addendum for the Australian self storage industry to use alongside SSAA member contracts. This new model falls outside of insurance regulation and is not captured by the deferred sales model.
Similar to Tenant Protection, a proven model from the USA, StoreProtect follows the model currently being deployed across the UK and European self storage industry. Operators are provided with templates to incorporate StoreProtect into their contracts and a unique insurance policy covering their contractual liability to customers.
Insurance for Operators by Basil Fry
Basil Fry provides a unique insurance policy designed solely to cover self storage operators’ liability under StoreProtect, called the Basil Fry Customers’ Goods Liability Policy. The insurer is Chubb, using their Lloyd’s of London Syndicate with an A+ financial rating (Standard & Poor’s).
This policy covers:
- Operator’s liability to customers following loss or damage to stored goods under StoreProtect;
- Liability to customers under the standard customer agreements (i.e. care, custody and control cover, where customers do not opt for StoreProtect);
- Errors and Omissions of the operator (e.g. liability following accidental disposal of stored goods); and
- Legal defence costs.
This insurance policy is exclusively available through our local partner broker, Aviso. To arrange cover, operators need to complete and return a short proposal form and provide details of any claims or incidents within the past five years.