Warehouser's Liability Form
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Definition of 'Warehouser's Liability Form '
A document that describes the obligations of a storage facility toward its customers. Warehouse owners and operators can be held liable if the goods being stored in their warehouse are destroyed, damaged or stolen. Thus, warehouser’s liability insurance exists to protect owners and operators against the costs of legal defense, damage awards and other expenses related to a damage claim.
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Investopedia explains 'Warehouser's Liability Form '
The industry does not have one standard form for warehouser’s liability; each insurance company has its own form. Also, certain types of property are commonly not covered by a standard form, including money, precious metals and stones. Once the owner removes his or her goods from the warehouse and signs a warehouse storage receipt and release of liability, the warehouse owner or operator is no longer responsible for the goods.
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