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Forwarding Agent Liability Insurance

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Forwarding Agent Liability Insurance

This insurance product is concluded as per the Standard Trading Conditions /STC/ and the Standard Warehousing Conditions /SWC/ of the Bulgarian National Association for Freight Forwarding, Transport & Logistics /NSBS/. It is designed for any company working as a:

  • Commission agent – as an agent or commercial representative of the client under the STC of NSBS
  • Principal-Operator under STC of NSBS
  • Warehousing operator under the SWC of NSBS

Risks covered

  • the forwarder acting as commission agent - as an agent or commercial representative of the client under the Standard Trading Conditions /STC/ of NSBS
  • financial losses of the client resulting from the forwarder’s failure to execute their obligations under the agreement (incorrect shipment, incorrect delivery of the goods)

The forwarder acting as an operator under the Standard Trading Conditions /STC/ of NSBS.
1. The liability of the Forwarder for the physical damage or loss of the goods while under their supervision or in their control.
2. The liability of the Forwarder for collateral damage resulting from the physical damage or loss of the goods

The forwarder acting as a warehousing operator under the SWC of NSBS.
1. The liability of the Warehousing Operator for the physical damage or loss of the goods while under their supervision or in their control for the period from its acceptance by the Forwarder to its delivery to the rightful claimant.
2. The liability of the Warehousing Operator for collateral damage resulting from the physical damage or loss of the goods, as per the conditions of point 1 hereabove
3. Financial losses of the client resulting from the incorrect, inaccurate or incomplete drawing up or filling in of the transportation, warehouse and other documents by the Warehousing Operator or by their employees and representatives
4. Financial losses of the client resulting from the incorrect delivery of the goods by the Warehousing Operator
5. Financial losses of the client resulting from the failure of the Forwarder-Warehousing Operator to execute obligations explicitly undertaken under the agreement. 

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