Legal Liability Coverage May Be Limited to Named Perils
May 9, 2017
When you have a large number of items that you need to store you can hire someone who owns a warehouse to house your goods. A public warehouseman generally makes his services available to anyone willing to pay the charges and accept the warehousemans usual terms of storage. Since there is the risk that goods being stored can be stolen or damaged, owners of the facilities need orlando warehouse legal liability insurance to make things right when a customer suffers a loss.
Warehouses, many of which are controlled by department stores, chain stores, manufacturers or distributors, are private storage facilities often located at or near the main plant. Branch or field warehouses of these private facilities are located at various places in areas of distribution to customers or branch locations.The warehouse industry is integral to the logistics and distribution chain.
Storing goods can lead to huge financial losses
As a warehouse owner, you can be responsible for many different operations at once. If a fire was to break out and the entire warehouse burns to the ground you could be on the hook for millions of dollars in lost goods. This is known as Orlando warehouse legal liability. The cost of replacing all of those items, with no policy to protect you, would probably lead you to bankruptcy.
This line of work comes with many different exposures to loss. From arranging for goods to be transported from one point to another, storing goods, managing inventory and information, and even packaging products along the way, anything can go wrong.
Legal liability coverage may be limited to named perils, or insure all loss for which the warehouseman may be liable. Excluded coverages usually fall under inherent vice, deterioration, loss or damage from insects, moths, vermin, extremes of temperature, ordinary wear and tear, rotting, molding, breakage, marring or scratching. Additional usual exclusions are processing, war risks and infidelity.
Warehousemen’s Legal Liability policies basically cover the legal liability of an insured as a warehouseman or bailee with respect to physical loss or damage to property of customers of the assured at specified locations subject to designated limits. If you still have questions or concerns, speak to an agent familiar with this line of coverage.