Warehouser's Liability Form

AAA

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.

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.

RELATED TERMS
  1. Warehouse-To-Warehouse Clause

    A clause in an insurance policy that provides for coverage of ...
  2. Warehouse Bond

    A type of financial protection that assures an individual or ...
  3. Warehouse Financing

    A form of inventory financing in which loans are made to manufacturers ...
  4. Carrying Cost Of Inventory

    This is the cost a business incurs over a certain period of time, ...
  5. Warehouse Receipt

    A receipt used in futures markets to guarantee the quantity and ...
  6. Warehousing

    1. A procedure whereby a company gradually builds up a holding ...
Related Articles
  1. Insurance Tips For Homeowners
    Insurance

    Insurance Tips For Homeowners

  2. The History Of Insurance
    Home & Auto

    The History Of Insurance

  3. Cover Your Company With Liability Insurance
    Home & Auto

    Cover Your Company With Liability Insurance

  4. The History Of Insurance In America
    Home & Auto

    The History Of Insurance In America

comments powered by Disqus
Hot Definitions
  1. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  2. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
  3. Ratio Analysis

    Quantitative analysis of information contained in a company’s financial statements. Ratio analysis is based on line items ...
  4. Days Payable Outstanding - DPO

    A company's average payable period. Calculated as: ending accounts payable / (cost of sales/number of days).
  5. Net Sales

    The amount of sales generated by a company after the deduction of returns, allowances for damaged or missing goods and any ...
  6. Over The Counter

    A security traded in some context other than on a formal exchange such as the NYSE, TSX, AMEX, etc. The phrase "over-the-counter" ...
Trading Center