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Bailee Liability Insurance

Last updated on January 22nd, 2019

Bailees Coverage with Liability Insurance

 

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. With no document to establish your limit of liability, the need for bailee coverage is vital. Bailees coverage is a policy applicable to loss or damage of property in your care, custody or control, without regard of your (or a third party’s) negligence.

 

Find a Professional Specialized in Bailee Coverage

Not all policies provide the same bailee coverage and it is crucial that your unique and specific needs are addressed. For example, defense costs are often a substantial expense incurred by a bailee when presented with a claim for loss or damage. Defense costs can easily exceed the monetary amount of damages but aren’t part of certain bailee liability policies.

How can you know a bailees policy is right for your business? When purchasing a bailee insurance policy, be sure to work with a professional that specializes in working with freight forwarders, customs brokers and other logistics service providers.  At Roanoke Trade, one of our advisors will review your current bailee coverage and determine whether defense costs are part of your policy 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 of. A Roanoke Trade advisor will review this exposure with you and determine what you currently have and what you need included in your bailees insurance program.

 

Roanoke Trade: Creative Solutions for Your Liabilities

Roanoke Trade knows transportation and logistics and understands the intricacies of cargo insurance and transportation liability for logistics service providers (LSPs), freight forwarders, , and customs brokers. We are strategically positioned to guide you through the complex process of reducing your risks and implementing an insurance program. 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.