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MULTIMODAL TRANSPORT OPERATORS LIABILITY INSURANCE (MTO)

ABOUT

Multimodal transportation consists of carriage of goods by at least two modes of road, rail, inland waterways or sea from the place of acceptance of the goods in India to a place of delivery of the goods outside India. Multimodal transportation is a coordinated and planned single operation minimizing the loss of time and risk of loss, pilferage and damage to the cargo at transhipment points.

The MTO Liability Insurance Policy can be obtained by a MTO which will embrace the entire ambit of Logistics Industry. Therefore, the MTO Liability Insurance takes care of all marine liabilities of Freight Forwarders, MTO, Haulers, In Transit Warehousing, Ship Agents, Clearing and Forwarding agents, Custom House Agents and Packing & Consolidating Agents.

Policy will indemnify financial loss suffered by Insured arising out of claims for loss or damage to cargo as well as breach or non-performance of duties. Claims means Damages, judgments, settlements that are awarded against the Insured. Policy does not cover civil or criminal fines or penalties imposed by law, punitive or exemplary damages.

MULTIMODAL TRANSPORT OPERATORS LIABILITY INSURANCE (MTO)

BENEFITS

LIABILITY COVERED

Legal liabilities (as per MMTG Act) arising out of physical loss or damage to cargo or delay while in the custody of MTO or transport services and loss or damage to vessel or equipment.

LIMITS OF LIABILITY (SUM INSURED)

  • Two limits are required to be indicated, namely, a) limit for any one event and b) Aggregate limit for the Policy Period.
  • Policyholder can choose the liability limits in accordance with estimated exposure either in INR or USD.

ERRORS & OMISSIONS

Legal liability arising out of the operations of the insured following a negligent act, error or omission by the insured, his agent or sub-contractor.

THIRD PARTY LIABILITY

Policy also covers loss or damage to property, bodily death or injury or illness and legally recoverable consequent upon operations of the insured.

WIDE TERRITORY AND JURISDICTION

Both the “Territory” and “Jurisdiction” could be either India only or anywhere in the world according to exposure.

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