Transport & Freight Forwarder’s Liability
If the interested party in respect of goods does not perform the transport and storage by itself, this party usually commissions a logistics company. The issued contract for transport resp. storage is usually based upon national or international laws, standards and commonly used terms and conditions. These standards – such as (German) Civil Codes, CMR, Montreal Convention or the German ADSp – include rights and obligations, and hence regulate the corresponding liability for the carrier.
The Transport / Freight Forwarders Liability Insurance as an overall term covers the liability of logistics companies based on the named standards. Extended liability agreements, for instance special heavy cargo projects or very extensive logistic contracts, are usually also includable in hereunder.
The liability hereby covers material substance damages at the stored or moved goods, as well as certain financial losses resulting from inadequate execution of the transport order, such as exceeding of the delivery period.
The insurer compensates the damage, if applicable, only in the same amount resp. to the same extend, since logistic companies are usually not obliged to full compensations, but rather refer to liability limits (effective liability regime).
Similar to the professional liability insurance, insurers offer coverage for the satisfaction of justified claims and to defence of unjustified claims which might be expressed against you as a logistic company, referring to the underlying logistic and transport contract.
The various segments of this sector represent one of our major business focuses
- Freight Forwarders‘ Liability
- Carrier’s Liability
- Warehouse keeper’s and/or stevedore’s Liability
- Liability associated with customs proceedings
- Liability associated with issuance of documents
- Liability associated with project/consortium agreements agreements
- Liability associated with the transport of sensitive goods
We offer special insurance solutions for the named liability risks, and further more are happy to assist you with any extended demands
Special Drawing Rights (SDR)
Special Drawing Rights (also abbreviated SDR) are supplementary foreign-exchange reserve assets defined and maintained by the International Monetary Fund (IMF).