Bailee’s Liability Insurance
What can be insured under this policy?
Legal liability to a third party in connection with the insured’s business
a. Liability of Warehouseman (Storage)
b. Carrier Liability (Transit)
Who can be insured?
Someone legally responsible for the property.
What is the period of insurance?
Basically 1 year
What are the premium rates?
It depends on the risk location, nature of business, security management, fire fighting system
establishment, etc.,
What is the premium payment type?
One-time payment system
What information is required to get insurance?
- Proposal Form
- Nature of business
- Location of risk
- Desired limit of liability
- Annual turnover (if the business includes external work such as installation projects)
- Details of the cargo or products under the care and custody of the insured. (Detailed list for the value of cargo or products)
- Detailed claims experience for the past 3 years; etc.
- Details of insured items (Insurance amount and detailed list of items) etc.
