Limit of indemnity required
Copy of storage conditions or storage terms of trade
Full claims/circumstances disclosure
Vero Liability offers Bailees Liability Insurance to businesses who own and operate storage facilities for storing third party property. (Bailees is the legal name for businesses that store goods that they don't own).
Bailees Liability Insurance responds to claims for compensation arising from the loss, damage or destruction of third party property whilst in the care, custody and control of the storage operator. Under common law, the storage operator is strictly liable for returning third party property in good order. The insurance covers liability to the claimant and the costs of defending the claim. Defence costs can be significant and are not always recovered in full from the claimant, whether or not the claim is justified.
Vero Liability products are available through insurance brokers and advisers. An insurance broker provides independent, professional and specialist advice to help make sure you have the right protection. If you don’t already have one, you can find a broker on the Insurance Brokers Association of New Zealand (IBANZ) website by clicking on the button below.