Warehouseman legal liability insurance consists of various types of coverage intended to help cover a warehouse storage operation’s business for direct loss or any damage of property. Because of the unique position of warehouse businesses as bailees, they are liable for damages to goods owned by third parties in their facilities, or in their legal custody as determined by the commercial code.
These damages take any number of forms including but not limited to:
- Misplaced goods
- Stolen property
- Cargo damaged by heat or humidity changes
- Packaging or labeling equipment malfunction
Warehouse storage businesses typically have extensive policies and training procedures in place to minimize these risks. They also tend to dedicate significant resources to securing facilities against theft band Fire. These conscientious preventers are exactly the type of businesses that benefit from complete insurance coverage.
Specialists in trade and transportation insurance offer warehouseman legal liability protections to fill in the gaps left by even the most stringent policies and practices. Some threats are either impossible to predict, such as mechanical failure or electrical systems fires, or they are unreasonably costly, such as a technologically advanced burglary with internal support. If you are unsure as to which policies your specific operations require, enlist analytical guidance from a qualified agent of a marine or logistics insurance provider.