40 // OWNER OPERATOR // AUGUST 2013
FEATURE STORY
It’ s important to note that many warehouseman’ s legal liability policies are designed for sale to“ terminal” warehousemen, defined as facilities that store products, not used household goods.
In conclusion, it’ s important to note that every policy covering liability as a carrier and as a warehouseman is unique. States do not regulate either the content of motor truck cargo or the warehouseman’ s legal liability insurance contracts. Each insurance company is free to tailor their policy terms and conditions to meet the unique requirements of their individual customers.
You have a legal obligation to read and understand your insurance policies. If they don’ t address your operations and activities in the opening paragraph, then the absence of exclusion doesn’ t matter. If the risk hasn’ t been assumed by the insurance company in the very first paragraph, then it’ s not covered. Bottom line: when you are either transporting goods or warehousing goods, there is a world of difference between being insured and being covered. Make sure you know the difference. OO
Robert Mucci of Wolpert Insurance Agency, Inc. in Worcester, MA is a Certified Insurance Councilor, Accredited Advisor in Insurance, a MA Licensed Insurance Advisor, a Certified Master Workers Compensation Advisor and a former Certified Public Accountant with PWc and Bain & Company, Inc. He has more than 25 years experience in the insurance industry specializing in commercial risk strategies. For additional information he can be reached at 508-459-4760 and robert @ wolpert. com. For more information visit www. wolpert. com.
40 // OWNER OPERATOR // AUGUST 2013
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