One size does not fit all in cargo liability insurance

In this episode, Gediminas Daukša and Otmar Tuma discuss a significant court case involving the theft of cigarettes and its implications for cargo liability insurance and liability in the transport and logistics industry. They emphasize the importance of understanding insurance obligations, the need for adequate coverage for high-value goods, and the variations in legal interpretations across jurisdictions. The conversation highlights the necessity of reading the fine print in insurance policies and staying informed about legal requirements to mitigate risks in international logistics.

takeaways

• Cargo liability insurance must reflect the value and potential liabilities of high-tax goods.
• Consumer taxes are often very limited in standard cargo liability insurance policies.
• Reading the fine print of insurance policies is crucial for compliance.
• Obligations in insurance policies can affect claim validity.
• Different jurisdictions interpret liability under international conventions variably.
• High-value goods require higher insurance limits than standard cargo value.
• Insurers may deny claims if obligations are not met.
• Understanding jurisdictional differences is vital for risk management.
• Seek legal advice when dealing with complex insurance issues.
• Knowledge and preparation are key in the logistics industry.

Chapters

• 5:00 Understanding Insurance Obligations and Fine Print
• 9:50 Jurisdictional Variations in Liability Interpretation
• 17:10 Conclusion and Key Takeaways