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Insurance covering your legal liability whilst providing storage services of any kind relating to the carriage, consolidation, handling, packing or distribution of third party Customers goods and subject to your Standard Trading Conditions.
At the end of the fixed time period of the lease you have the option of continuing to lease the goods for a secondary leasing period (for an agreed amount per annum), trading in the asset/equipment against a new asset, thus reducing the cost of the new lease or just letting the lease end.
However, unless the Warehousekeeper can be found to be legally liable in relation to their negligent handling of the goods then there is no compensation due to the owner of the damaged or lost goods.
In circumstances where the Warehousekeeper is found to be negligent, then the compensation available is limited to their standard trading conditions and payments are calculated applying a rate per kilo in respect of goods lost or damaged.
Under the standard Warehousing conditions (1996 Edition) of the Irish International Freight Association (IIFA) payments in respect of losses due to the Warehousekeepers negligence are made at €127.00 per tonne.
These are the standard trading terms upon which Warehousekeepers and Manufacturers conduct business within Ireland. The conditions contained within these terms are the basis of any contract between the Warehousekeeper and the Manufacturer, unless otherwise agreed.
Some Warehousekeepers require increased limits, but again this is still only in relation to incidents, in which they are found to be legally liable.
It is important for the Warehousekeeper to extend their insurance policy to include these increased limits otherwise the Warehousekeepers will be assuming liability beyond the limits under the Standard Trading Conditions covered under the policy and will be left exposed for the difference.
