When storing or handling goods without issuing a document that defines your bailee liability, you have a potential exposure to full value liability for cargo loss or damage. Since this liability is not limited, Bailee insurance is required. The policy responds to physical loss or damage of property in your care, custody or control, without regard of negligence.
When purchasing a Bailee insurance policy, be sure to work with a professional that specializes in this area. Not all policies provide the same coverage. For example, defense costs are often a substantial expense incurred by a bailee when presented with a claim for loss or damage. They can easily exceed the monetary amount of damages. At Roanoke Trade, one of our advisors will review your policy and determine whether defense costs are part of your coverage and up to what amount. Also, as a bailee you may also be responsible for debris removal, which is the cost to have damaged property contained, removed from the storage premises and properly disposed. A Roanoke Trade advisor will review this with you and determine what you currently have and what you need included in your specific insurance program.
Roanoke Trade: Providing Creative Solutions for Transportation Intermediaries and Logistics Service Providers
Roanoke Trade 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 or complete the Contact form located above.