Your Annual Six‑Point Insurance Review Checklist

Here's 6 review items. Build this review into your annual operating calendar, ideally 60 to 90 days before your policy renewal date. 1, property values. Every covered structure addition, every surface improvement, every capital expenditure changes the replacement cost of the property. A property policy that hasn't been updated since you added 10 covered carport structures, for example, is underinsuring the improvements you paid for. Review the replacement costs annually. 2, liability limits. The value of vehicles being stored at Class A facilities has increased significantly over the past decade. A million-dollar per occurrence liability limit that was adequate 5 years ago may not be adequate for the vehicle values currently being stored. So ask your broker to run the numbers on current aggregate vehicle value in your facility. 3, bail-lease coverage. Confirm it's in force. Check the per vehicle limit against the highest value vehicles currently stored. If you've added covered spaces that attract higher-value vehicles, the bailees' coverage limit may need to be updated. 4, environmental exclusions. These exclusions are often written broadly and can evolve with the market changes. Review the exclusion language each year, particularly if you've added vehicle types that introduce new environmental exposure. And 5, tenant insurance status. How many of your current tenants have provided proof of insurance? Is the requirement being enforced at renewal? Gaps in tenant coverage increase your net exposure through the bailee's claims.