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Convenience Stores/Gasoline Stations
The National Association of Convenience Stores (“NACS”) estimates there are approximately 145,000 convenience stores in the United States at the end of 2009 with annual sales in excess of $600 billion.
Convenience stores are defined as small retail stores that sell a broad merchandise mix, have extended hours of operation and typically sell gasoline. Convenience stores sell 80 percent of all gasoline sold in the United States. They are often located alongside busy roads, or at gas stations. This can take the form of gas stations supplementing their income with retail outlets, or convenience stores adding gas to the list of goods they offer. A typical Gas Station will be leased from a major oil company such as Shell, Exxon, or Chevron and the insured is not responsible for providing building coverage. This is the preferred risk since the oil company handles all building maintenance and upkeep. The insured may also own the property rather than leasing it from the oil company.
Typical coverages needed for this business will include Commercial Property, General Liability, Garage Liability, Commercial Automobile, Inland Marine, Business Interruption, Employee Theft, Glass Coverage, Boiler and Machinery and Umbrella Coverage.
All of these coverages can be insured under a Business Owners Policy (BOP) or a Commercial Package Policy (CPP) on an admitted basis. This package policy is designed to cover everyday exposures which arise during the normal course of business who are primarily involved in the retail sale of grocery items, dairy products, tobacco products and gasoline. Pollution Liability will not be offered using the above forms but can be written separately on an admitted or non admitted basis utilizing another issuing carrier.
While there are no definitive figures for South Asian-owned convenience stores, the Asian American Convenience Store Association (“AACSA”) estimates the number of South Asian owned convenience stores nationwide between 50,000 to 70,000, almost a third to half of the total, generating more than $200 billion in aggregate revenues. According to the National Coalition of Associations, 7-Eleven Franchisees, has the largest convenience store chain in the country with 4,106 stores franchised stores.