The Hartford Financial Services Group has introduced a comprehensive, integrated marine policy designed specifically for modern warehouse logistics operations involved in the transport and storage of their customers' property.
The Hartford's Warehouse & Logistics ChoiceSM provides coverage for direct physical loss or damage to non-owned property in the care, custody and control of an operator during transit and storage. The policy is designed to address a common coverage gap between traditional motor truck cargo and warehouseman's legal liability policies by extending coverage to include property stored in locations other than the operator's warehouse and property while it is in the care, custody and control of other bailees.
"Historically, warehouse operators have had to purchase separate policies to address their exposure during transit and storage of customers' property," said Alexander McGinley, assistant vice president and marine underwriting officer at The Hartford. "Increasingly, operators are providing value-added services for their customers and engaging in activities that may not be covered by traditional marine policies. We designed Warehouse & Logistics Choice as a single integrated policy that helps eliminate these gaps in coverage."
Coverage highlights include:
- Scheduled Premises coverage, which protects an insured's customer property while located at the insured's premises;
- Unscheduled Premises coverage, which protects an insured's customer property while located away from the insured's premises, including at overflow warehouses;
- Transit coverage for the operator's liability for damage or loss to property in an insured's care, custody and control while the property is in transit on vehicles owned or leased by the insured;
- Contingent Carrier's Liability or Freight Forwarding coverage for goods transported by another carrier who is under a contractual agreement with the insured;
- Business Personal Property and Tenants Improvements & Betterments coverage;
- Accounts Receivable & Valuable Papers coverage;
- No exclusion for Voluntary Parting or Unexplained Disappearance;
- Defense Costs coverage, outside of policy limits; and
- Optional Employee Dishonesty coverage, which is available by endorsement.
Warehouse & Logistics Choice is designed to be a flexible coverage form and schedule with the ability to increase the limits of insurance for additional types of coverage.