What is Warehouse & Bonded Storage?
Warehouse and bonded warehouse insurance protects stored goods against fire, theft, flood and handling risks, and covers the warehouse operator's legal liability for goods belonging to its clients.
Much of the value of goods is at risk not during transit but while waiting in storage. Protecting stock is one need for cargo owners; covering liability for clients' goods is a separate need for warehouse operators.
For cargo owners, stock is insured under a fire or all risks policy. For warehouse and bonded warehouse operators, warehouse keeper's liability insurance covers risks such as loss of, damage to and misdelivery of goods taken into custody.
What is covered?
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Fire and explosion
Fire and explosion damage to stored goods.
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Theft
Theft of goods from the warehouse.
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Flood and escape of water
Water damage from floods, inundation and installations.
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Handling damage
Damage during forklift and stacking operations.
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Warehouse keeper's liability
The operator's legal liability for loss of and damage to clients' goods.
Optional extensions
- Deterioration cover for cold storage
- Earthquake and natural catastrophes
- Misdelivery and inventory shortages (on special terms)
- Customs duty liability (bonded warehouses)
Who is it for?
- Warehouse, bonded warehouse and logistics centre operators
- Third-party logistics (3PL) providers
- Manufacturers and traders holding large stocks
- Cold chain storage operators
Information needed for a quote
Sharing the following information lets us obtain fast and accurate quotes from several insurers.
- Warehouse address, area and construction features
- Average and maximum stock values
- Types of goods stored
- Security and fire protection measures
- Liability provisions in client contracts
Frequently asked questions
My stock value varies during the month. How is the sum insured set?
A declaration-based policy can be used for fluctuating stocks. Cover is given on the maximum stock value and the premium is adjusted according to periodic stock declarations.
As a warehouse operator, should I insure my clients' goods under my own policy?
There are two options: insuring clients' goods as stock in your name, or covering only your legal liability with warehouse keeper's liability insurance. The right structure depends on your client contracts.
Can uncleared goods in a bonded warehouse be insured?
Yes. The bonded warehouse operator's liability and the value of the goods can be covered, taking customs duty liability into account.
Scope of cover and limits are determined by the general and special conditions of the issuing insurer.