What is Warehousemen / Carrier’s Liability insurance?
It is a policy that protects your Legal Liability as well as defense cost and expenses when you transport and store the goods and merchandise in your care, custody or control.
It covers your
Expenses for loss and damage
Coverage applies whilst the goods and merchandise are
Temporarily stored in a warehouse you operate in
On a vehicle in the ordinary course of transit
Here is an overview of your coverage
Warehousemen / Carrier’s Liability
You are covered for
Amounts that you are legally liable to pay for claims made against you due to direct physical loss of or damage:
Occurring during the coverage period;
To the property of others stored in the warehouse(s) operated by you at the location(s) specified; and/or
While on motor vehicle(s) in the ordinary course of transit anywhere within the territorial limit specified.
All costs incurred in any legal proceedings defended by us and all interest, occurring after the court judgment is formally recorded, which is not in excess of the policy limit except:
If the claim is successfully resisted by you, we will pay all costs, charges and expenses incurred, up to but not exceeding the policy limit;
If a payment exceeding policy limit has to be made to dispose of a claim, it will be limited in proportion to the costs, charges and expenses that the limit bears to the amount paid to dispose of the claim.
Our coverage under this policy will stay within the sum insured stated, in respect of any one occurrence or in aggregate during the insured period.
You may extend coverage to the following risks for an additional premium:
Strikes as provided in the Institute Strikes Clauses (Cargo)
How much is my premium?
Your premium may vary, depending on
Limit of liability/Aggregate Limit for the period of insurance
Loss or damage caused by rust, wear or tear, gradual deterioration, moths, vermin, inherent vice or damage sustained due to or resulting from any repairing, restoration or retouching process
Loss caused by the infidelity of the Insured’s employees or persons to whom the insured property is entrusted
Loss due to forged warehouse receipts
Loss or damage caused by change of temperature resulting from the total or partial destruction of any refrigerating or cooling apparatus from any cause
Inadequate or insufficient packing
Delay, loss of market, loss of use, consequential loss or inherent vice
Unexplained loss, mysterious disappearances or shortage disclosed upon taking inventory
Loss of or damage to the goods which are stolen from unattended motor vehicles unless the motor vehicles are garaged in a building or parked in a fully enclosed yard, the openings in the motor vehicles closed and securely locked, and all keys removed so far as fire regulations permits and all other ‘exceptions’ in the policy remain unchanged
Fines, penalties punitive or exemplary damages
This list is non-exhaustive. Please refer to the sample policy contract for the full list of exclusions under this policy.
This plan is underwritten by Tokio Marine Insurans (Malaysia) Berhad. All benefits and features mentioned herein are subject to terms and conditions of the policy. It is In your best interest to refer to the Policy Contract for the precise terms and conditions of this insurance plan. The information shown here is for reference only and is accurate as at 30 June 2012.
Note: Take confidence in the fact that this policy will deliver the best coverage for your needs in the event of loss or damage of goods in your care. You should read and understand the insurance policy and discuss it with your agent. Or, feel free to contact us directly for more information.