Product Description

The insured is the transporter.

No direct insurable interest in the goods but has a Bailee interest in the goods - person carrying and responsible for a third party's goods in their care, control or possession.

Transporter policy will cover 1 sub-contractor (if requested), but insurers will cover Insured's Bailee interest and NOT that of the sub-contractor.

Insurers still have recourse against the sub-contractor of the insured.

First Loss policy - i.e.: no average applicable.

Bailee interest MUST be reduced to "writing" of some kind (STCs, Load Confirmation, Waybill etc) - proof that the transporter is responsible for the goods in their care, custody, control or possession.

No VERBAL agreements.

Premium is paid by the transporter - yet the claim is paid to the goods owner (unless otherwise agreed).

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