All Risk Cargo Insurance
Dear Customer,
We thank you for selecting GLC Distribution, LLC. for your company’s distribution needs. We prideourselves in our commitment to professionally handle your inventory and will do everything within our power to make sure your products are handled carefully and kept secured.
You should be aware, however, that circumstances outside of our control could lead to damage or loss while your shipment is in our facility. We, therefore, highly recommend you purchase All Risk Warehouse insurance to cover your shipment while at our facility. Your goods are not covered by insurance while at our facility. You must have house insurance through your insurance provider for the goods or you have the option of purchasing insurance through GLC.
Your inventory should be insured for its full CIF value, Cost of Goods ---Insurance--- Freight, plus 10%; this will insure that your company’s total financial exposure is covered against any physical loss or damage while the goods are at our facility.
Please note that all warehouse operations limit their liability to amounts that simply won’t cover the full financial exposures involved with your shipment. For example the market standards for a warehouse’s limit on liability read as follows:
- Under no circumstance shall warehouse be liable for any damages in excess of the actual cost to customer ofreplacing or reproducing the goods at the time of the loss or damage or $0.50 per pound, whichever is less.
In certain circumstances warehouses could have no liability to your inventory at all. For example:
- The BOL and delivery receipt were signed clean.
- Concealed damage
- The loss was a result of an Act of God or a strike or riot.
GLC Distribution,LLC. is pleased to confirm we can provide “All Risk” Cargo Coverage. Highlightsof our insurance program are:
- “All Risk” Cargo Coverage Cost $0.35/$100 of value (based on cost, freight + 10%) with a $75.00 min.
- Covers from Warehouse to Warehouse
- Storage Coverage Extensions as required
- Worldwide Network of Claim Settling Agents
- Negotiable Insurance Certificates as required by Letters of Credit
- A Professional Claims Processing Office, International Bond and Marine Brokerage, Ltd., who will represent you inthe settlement of a claim
- Financially Sound Insurance Carriers
- Claims Control and Risk Management Services through our insurance partner, International Bond and MarineBrokerage, Ltd.
- A claims processing computer system with full automation of cargo claim adjusting, which will provide on-line serviceto access claim status and claim analysis reports.
Sincerely,
GLC Distribution, LLC.
