What does TRAC do?
TRAC Risk and Insurance Services specializes in providing self-storage and mobile storage contents coverage to mobile container users. The product is powered by TRAC’s exclusive relationship with an A rated insurance carrier. Our product protects tenant’s belongings and alleviates owners from risks associated with losses. Our program also helps create a substantial new revenue stream for owners that, when capitalized, significantly increases the value of an owner’s business.
TRAC supports this new revenue stream and further protects owners by administrating the sell through of its product to the tenants. Our experienced staff will oversee the implementation and administration of your program in order to maximize the site’s fees and retention while maintaining high occupancies.
TRAC monitors the placement and auditing of all policies. TRAC works with you or your accounting software to accurately monitor the property for all polices and coverage in place. TRAC then provides monthly invoices to each property detailing all activity. TRAC performs monthly audits to ensure all active tenants have policies in force. TRAC provides the highest level of detailed monthly reporting to allow the owner to easily track the performance of this NEW profit center.
Is this real insurance?
Yes this is a real policy underwritten by an A rated carrier, AM Best rated syndicate and administered by American Westbrook Insurance Services.
How much does coverage cost?
Cost of coverage depends on the amount of coverage you are purchasing and whether your items are stored at a facility or another location
How much will I receive as the owner/operator of the facility?
The amount you will receive will depend on the amount of coverage being purchased and the number of policies in place. Please refer to your contract for a fee schedule outlining the breakdown.
How do I amend my current leases to make the TRAC Contents Program mandatory?
We will take you through the process from initial notification to placement of the policies. Lessees will need to be notified of mandatory contents coverage a minimum of 30 days prior to launch date. Once mandatory contents coverage is put in place, the lessee will have the option of not participating in the TRAC Contents Program by providing a certificate of insurance from a third party insurer. Or you place the coverage for all lessees under the TRAC program and add the cost of the fees to the lessees. TRAC will monitor all payments and policies placed.
How do I get paid a referral?
A referral is paid to you as a discount of the admin fees and not a commission on premiums paid. No additional licensing required. If you provide a referral and TRAC provides services to the referral, you are to receive between $.10 and $.25 per policy per month as long as the client remains on TRAC.
Does my site/sites need to be insurance licensed in the state where I am doing business?
No they do not. No additional licensing required. The TRAC Contents Program is the only contents program that requires no individual site insurance licensing. An A rated carrier underwrites the entire program and not each site individually so there is no need for the site or the owner to be insurance licensed.
How can I accept a commission from an insurance policy?
The owner receives a billing fee and not a commission. No license is required. The amount retained by the property is a reduction in the admin fees and not a commission on the premiums paid.
Does the property owner need to be listed as a named insured under the policy?
No, they do not. The policy is direct from an A rated carrier to the tenant. No additional liability to the property owner. No dealing with claims or unhappy customers.
How do tenants report claims?
Who handles the claims?
Synergy Adjusting Corporation handles all claims in the United States.
How does this affect my property premiums?
In many cases it is possible to obtain a lower rate on your property and casualty insurance by implementing a contents program.
How do I sign up?
Please fill out the TRAC enrollment form on our website to provide us with your preliminary information. We will contact you shortly after we receive you submission with further information.
How can a tenant apply?
Tenants can apply for TRAC Contents Coverage here. They may also apply through a service representative at your storage facility or through your company website. We will work to accommodate any request.