Logistics & Freight Forwarder Liability Insurance
Logistics operators and freight forwarders commonly provide their services on contracts with their customers.
Reviewing Insurance Clauses
Insurance and Indemnity clauses are usually included in such contracts. The policies of these logistics operators or freight forwarders need to be reviewed and, where necessary, additional covers are required.
Issues which require consideration include the following:
- The indemnity limitation in a contract weighed against the indemnity term of the insurance policy.
- The cover necessary for the principal/customer and the potential involvement of any waiver of subrogation.
- The specifics of how a policy addresses issues of stock variance and/or unexplained loss.
- Whether the service provider is seen to bear risk akin to a cargo insurer.
We are able to review such policies, keeping in mind specific insurance requirements in order to cater to a client’s specific needs.
Such contract reviews usually result in insurance extensions and amendments to premiums.
With the need to maintain competitiveness, however, self-insurance is often advisable and we would assist in providing a better understanding of the options. This would allow better communication of requirements to service providers and, in turn, allow for better decision making.
Reviews will include scrutiny of the Standard Trading Conditions and House Carriage Documents such as bills of lading and airway bills. This will ensure awareness of the limitations and liabilities of claims quantum and how they affect each policy.
There may be situations where the liability cover may not provide the necessary limits and other insurance covers would have to be arranged, such as a property class insurance. Risks involving a major loss from a fire are also assessed during reviews.
These reviews ensure that with respect to projects handling, the policies chosen cater to the individual project. Projects invariably carry special terms with specific insurance considerations. We engage operators and ensure the establishment of an appropriate insurance policy that will be supported and fully understood by the insurer.
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Our Extensive Experience
With many years of experience in supporting our clients’ global operations, we continue to provide our specialized services to the benefit of logistics operators and freight forwarders.
We at Amspex welcome new opportunities to provide the same level of professionalism, expertise and reliability to all our clients, new and old.
We are focused in Singapore and have no relationship with any party having any similarity with our identity anywhere outside of Singapore.
Amspex Insurance Brokers Pte Ltd
151 Chin Swee Road
#03-03 Manhattan House
Mon – Fri: 9 a.m. – 6 p.m.
+65 6225 1900
+65 6223 1528