NAICS CANADA CODE: 812930 Parking Lots and Garages
Description of Operations:
Parking facilities can be flat, on-the-ground lots or multi-story above- or below-ground garages. Customers can be hourly, daily, or monthly. Facilities can be owned by a business or can be in business for themselves.
Property exposure depends on the facility. All have low exposure but some may be open air lots with only a small shelter house while others may be full above ground or below ground parking structures. All are subject to vehicle and vandalism damage.
Inland marine exposure is minimal. There may be Accounts receivables exposure for long term parking and Valuable papers for permits and contracts. Signs exposure may exist.
Crime exposure is from Employee Dishonesty and Money and Securities. There must be controls to monitor all cashiers through surveillance and cash register tapes. Background checks must be place for all bookkeeping with regular audits and separation of duties. Hold up controls at the lots is best controlled by frequent pickups and deposits.
Occupier’s Liability Occupier’s Liability is a concern. Facilities must have even, smooth, unobstructed surfaces to avoid trip and fall. The spaces and the flow of the traffic within the facility must be well-marked. Well-lit exits are also very important. Safety concerns of patrons are critical, so lighting, security guards, and attendants are all items to consider.
Automobile Liability exposure is minimal unless there are a number of lots and employees use the vehicles to pick up cash for deposits. These drivers should all have valid driver’s licence with an initial MVR run.
Garagekeepers exposure is the care, custody and control of the vehicles left in the lots. Any parking handled by the attendants is a particular concern due to chance of giving the wrong key to the wrong driver. There must be controls and procedures in place and followed.
Workplace safety exposure is from holdup and/or assault due to the location and isolation of some booths. There should be random but regular checks on employees.
Minimum recommended Insurance coverage for parking lots:
Building, Business Personal Property, Business Income, Accounts Receivable, Computers, Dishonesty, Disappearance and Destruction, Money and Securities, General Liability, Umbrella, Business Automobile Liability and Physical Damage, Non-Ownership Automobile, Garagekeepers.
Other Insurance coverage to consider for parking lots:
Computer Fraud, Signs, Employment Practices Liability.