Warehouse legal liability Insurance

Warehouse legal liability covers warehouse owners' or operators' liability for loss or damage to goods stored by their customers in their warehouses as a result of their negligence. This includes public, private, bonded and specialized warehouses. It covers the owners and operators of such warehouses for sums they are obligated to pay as damages as a result of loss or damage to the goods stored. It also requires the insurance company to defend the insured against any suit seeking those damages to which coverage applies. The coverage provided is for risks of direct physical loss or damage, except as excluded or limited.

Under this coverage form, the insured warehouse operator stores customers' property for a fee. The insured is responsible for loss to property of others caused by its negligence. The Uniform Commercial Code (UCC) establishes the liability of warehouse operators and their responsibility for negligence. Since the warehouse legal liability coverage form covers the operator's liability for property of others in storage, it also covers defense costs. Under defense costs, the insurance company defends any suit brought against the insured. This includes the insured's costs of defense, the cost of appeal bonds, reasonable expenses the insured incurs to assist the insurance company in handling the claim, awards against the insured as a result of a suit, arbitration award or other legal proceeding and prejudgment and post judgment interest in conjunction with an award.

The dollar amount of liability is also addressed in the insured's warehouse receipt. It is the storage agreement between the property owner and the warehouse operator. It provides the foundation for the liability that the warehouse owner or operator assumes for loss or damage to property of others it stores. The UCC and the warehouse receipt provide the legal framework to determine the insured's liability for property being stored.

ELIGIBILITY

Any commercial warehouse operation that stores property of others for a fee and issues a warehouse receipt subject to requirements of the Uniform Commercial Code is eligible for coverage under this form. Because of these requirements, mini-warehouse operations and self-storage facilities may not be eligible for this type of coverage.

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