Freight Forwarders Liability Insurance
According to a survey by the World Shipping Council, an average of 1,390 containers are lost at sea every year. With the rise of Cargo ship accidents worldwide, cargo thefts on the rise. In this changing and seemingly more hazardous world, Marine and logistics risks can be complex and diverse. Liability exposure of service providers in the transport and shipping industries is very high and with ever-changing government regulations and high courtroom settlements, companies face increasing financial exposure. Transport Operator’s Liability, Freight Forwarder Liability insurance program protects your business assets and provides legal defense when you need it most.
Whom does this Freight Forwarder Liability insurance policy cover?
- Freight Forwarder
- In transit Warehousing
- Ship Agents
- Clearing and Forwarding Agents
- Custom House Agents
- Packing and Consolidating Agents
What Operations does the policy apply to?
- Air Movements
- Sea Movements
- Road Movements
- Rail Movements
- Acting as agent for third party NVOC principals
Multimodal transport operators, freight forwarders, custom house agents, logistics and warehouse operators, ship agents, ship brokers and other service providers in the transport and shipping industries face a wide range of liability exposures because they may:
a) act for their Principal in arranging shipping and transport services; or
b) contract with the cargo owner to transport goods; or
c) provide expert advice, assistance, and opinions.
Coverage Under The Policy
Physical loss or damage to cargo while in the care, custody, and control of the insured, or a party who has contracted or sub-contracted to provide transport services.
Physical loss or damage to vessel or equipment owned or operated by a subcontractor or customer
The Errors and Omissions extension would cover legal liability arising out of the operations of the insured following a negligent act, error or omission by the insured, his agent or sub-contractor
The Third Party Liability extension would cover physical loss or damage to property, bodily death or injury or illness and legally recoverable consequential loss arising out of the operations of the insured
Consequential loss and/or business interruption resulting from 1 above
Fines and Duty is covered under the freight forwarder’s liability insurance policy
Unrecoverable cargo’s contribution to general average
Worldwide but excluding any claim relating to an occurrence, situation or suit in or arising from Iran, Iraq, Yemen, Afghanistan, Somalia, Eritrea, Ethiopia, Democratic Republic of Congo, Republic of Congo, Syria, Libya, and North Korea.
Securing your freight in transit is important, but that’s not just it. Getting a proper marine insurance for your cargo is also essential to keep them insured in case of any accidents or theft. At Rkinsure, you can insure your cargo even when they are being transferred from one country to another. With our import-export and inland transit insurance get your goods secured, whether they are on road or at the sea.