warehouse legal liability insurance in Orlando, Florida

Exposures Faced When Storing Goods For Others

The warehousing industry is one of the world’s largest growing entities. In the US, warehousing has evolved into a multi-faceted public and private sector venture. A warehouseman engages in the business of receiving and storing the goods of others, under contract and for an agreed upon price. By accepting the goods of clients and customers for storage and safekeeping, the warehouseman becomes exposed to the reality that property left in his or her care may become prone to theft.

 

The items could also be lost, damaged or destroyed due to hazardous combustibility or even wind up potentially contaminated. The warehouseman’s responsibility for the care of such goods requires warehouse legal liability insurance in Orlando, Florida for reasons of compensation.

 

Warehousemen may be public, private, or bonded

 

A public warehouseman is one whose services are available to anyone willing to pay charges for storage and must accept the warehouseman’s usual terms of storage. Some warehouses fall under the control of department stores, chain stores, manufacturers or distributors. These are private storage facilities, usually located at or near the main plant. There is also branch or field warehouses belonging to these private facilities, which are often located in areas of distribution to customers or branch locations.

 

A bonded warehouse is one in which imports are stored pending payment by the owner of an import duty. The warehouseman and the U.S. Customs authorities jointly share control of goods in bonded storage. The laws in each state set forth the measure of responsibility for stored goods, provide for inspection and regulate the issuance of warehouse receipts, which are often used as security for loans. State laws, which mandate that warehousemen obtain such bonds, are designed to protect those storing goods from any wrongful acts of warehousemen and to assure payment of judgments obtained against them.

 

Warehousemen’s legal liability insurance in Orlando, Florida will help cover the legal liability of an insured as a warehouseman or bailee with respect to physical loss or damage to property of customers. This may be based on whether the loss or damage was caused or contributed to by his or her negligence, subject to designated limits.