Cargo Legal Liability Insurance
Cargo Legal Liability Insurance
As a freight forwarder who arranges for movement of customers’ freight, you may understandably believe you are not exposed to claims alleging damage to that freight if you do not physically handle it. This is not the case, however. If a bill of lading is issued in your name (such as an NVOCC or house air waybill) or if you occasionally hold freight at your office for short periods of time, you can be held liable for damage.
Operating a warehouse and performing local cartage services creates a legal responsibility for the cargo while it is in your custody. Limitations of liability written into your warehouse receipt or bill of lading do not apply if a value is declared on the bill of lading and may, in fact, be overturned under some circumstances.
Logistics service providers operate in a fluid environment of ever-changing liability exposures and regulatory mandates. Your trusted Roanoke advisor can provide much needed direction in the complex process of identifying potential liability exposures and evaluating risk, and recommend flexible and effective insurance solutions to address them.
The following represent the most commonly required products for logistics service providers.
Bill of Lading Legal Liability – While operating as an NVOCC, Indirect Air Carrier or Domestic Freight Forwarder, if cargo is lost or damaged while moving under your house bill of lading or house airway bill, your company is first in line for claims. This insurance will pay the cost of the legal defense and the cost of the ultimate settlement per the policy terms if rendered against you.
Motor Truck Cargo Legal Liability Insurance – This insurance will pay to defend your company against claims and pay settlements if goods are lost or damaged in your care, custody, and control.
Contingent Motor Truck Cargo – Contingent Motor Truck Cargo Insurance protects you when your client’s goods are damaged while in the care, custody and control of a motor carrier that you’ve arranged service with AND the trucker’s Motortruck Cargo Insurance fails to respond to the loss. Legal precedent has been set holding the logistics service provider liable in these cases.
Roanoke: Solutions That Go the Distance
Roanoke understands the intricacies of Cargo insurance and Transportation Liability for logistics providers, and is strategically positioned to guide you through this complex process. Find out how we can provide you with the insurance programs you need to be properly protected. Please contact us at 1-800-ROANOKE (800-762-6653) or complete the Contact form located above.
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