Intercargo Insurance Co. introduces Integrated Transit Liability Policy.SCHAUMBURG, Ill.--(BUSINESS WIRE)--June 7, 1996--Intercargo Insurance Co., a subsidiary of Intercargo Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ICAR), announced that it will broaden its International Transit Liability (ITL ITL The ISO 4217 currency code for the Italian Lira. ) policy to include additional coverages, such as Bailee One to whom Personal Property is entrusted for a particular purpose by another, the bailor, according to the terms of an express or implied agreement. Cross-references Bailment. bailee (custodian) n. Liability, Packing Liability, Container Coverage, Customs Liability, and Third Party Liability. In 1993, Intercargo introduced the ITL Policy as a means of combining Forwarder Forwarder Acts as a travel agent for cargo. A forwarder specializes in arranging the transport and completing required shipping documentation. Some are affiliated with NVOCC services. In the United States they are licensed by the Federal Maritime Commission. Legal Liability Insurance and Errors and Omissions errors and omissions n. short-hand for malpractice insurance which gives physicians, attorneys, architects, accountants and other professionals coverage for claims by patients and clients for alleged professional errors and omissions which amount to negligence. (E&O) Insurance into one package policy. Intercargo was the first U.S.-based insurance company to offer this type of combined coverage to transportation specialists (e.g., customs brokers, freight forwarders, freight consolidators, etc.) The new policy, renamed the Integrated Transit Liability Policy, will once again be the only one of its kind offered by a U.S.-based insurance company. The Integrated Policy, with its multiple coverage options, will be distributed worldwide and will enable transportation specialists to build a liability policy tailored to their specific business needs. Director of International Marketing, Lisa Gelsomino, stated, "Given the uniqueness of the policy and the potential for growth in international markets, the Integrated Policy is expected to yield additional sales and expansion opportunities for Intercargo." Intercargo is currently an industry leader for its E&O coverage and retains the exclusive endorsement of the National Customs Brokers & Forwarders Association of America (NCBFAA NCBFAA National Customs Brokers and Forwarders Association of America, Inc. ) and the International Association of Non-Vessel Operating Common Carriers (IANVOCC). The Integrated Policy also meets the liability insurance requirements for issuance of the FIATA FIATA Federation Internationale des Associations de Transitaires et Assimiles (International Federation of Freight Forwarders Associations) Multimodal Two or more modes of operation. The term is used to refer to a myriad of functions and conditions in which two or more different methods, processes or forms of delivery are used. On the Web, it refers to asking for something one way and receiving the answer another; for example requesting Transport Bill of Lading A document signed by a carrier (a transporter of goods) or the carrier's representative and issued to a consignor (the shipper of goods) that evidences the receipt of goods for shipment to a specified designation and person. ; FIATA is the world's largest federation of freight forwarder associations. Members of FIATA are required to purchase liability insurance in order to issue the FIATA Bill of Lading, a document that has achieved worldwide recognition. The foundation of the Integrated Policy combines coverage for Forwarder Legal Liability and Errors & Omissions (E&O) Insurance. Forwarder Legal Liability protects transportation specialists from physical loss or damage to customers' cargo while traveling under their house ocean, air, or surface bill of lading. E&O Insurance provides coverage for financial or consequential loss suffered by customers as a result of a transportation specialist's negligence. The additional coverages offered under the Integrated Policy may be added as endorsements to the base policy. Bailee Liability provides coverage for direct physical loss or damage to property while it is in the care, custody, or control of a transportation specialist. For example, many transportation specialists temporarily store goods in their warehouse or transport goods in company-owned vehicles and could be held legally liable if loss or damage occurs. Packing Liability is a relatively new product offering for the company. Designed to eliminate coverage gaps found in most insurance policies, Packing Liability provides coverage for physical loss or damage to cargo as a result of insufficient packing, crating, or container stuffing activities performed by transportation specialists or their agents. Container Coverage, Customs Liability, and Third Party Liability are also new product offerings for the company. Container Coverage provides all-risks coverage for physical loss or damage to containers and similar transportation equipment owned or leased by transportation specialists. Customs Liability protects transportation specialists from fines or penalties assessed against them for alleged or proven violations of transportation laws or regulations. Third Party Liability provides coverage for damages and consequential loss resulting from accidental bodily injury accidental bodily injury Health insurance Physical injury sustained from an accident , accidental property Aristotle made a distinction between the essential and accidental properties of a thing. An accidental property is one which has no necessary connection to the essence of the thing being described. loss or damage, and contractual liability. Due to the regulatory environment that exists in certain countries, Customs Liability will not be offered in the U.S. or Canada and is subject to availability in certain countries. Additionally, Third Party Liability will not be offered in the U.S. or Canada because a more comprehensive coverage is typically provided under a Property & Casualty Policy, an insurance product the Company also underwrites. Headquartered in Schaumburg, Ill. (a Chicago suburb), Intercargo Corp. is a leading provider of specialized insurance coverages for companies involved in international trade. Its market consists primarily of importers and exporters, customs brokers and freight forwarders, and other companies involved in the trade and transportation industry. The company's primary products include: U.S. Customs Bonds, Marine Cargo Insurance Marine Cargo Insurance Insurance covering loss or damage to goods in transit. , Property & Casualty Insurance, and Professional Liability coverages for the transportation specialist industry. Intercargo's international trade related coverages are marketed primarily by Trade Insurance Services Inc. (TIS), a wholly owned agency network. The company also works with independent agents and brokers throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, Asia, and the United Kingdom. CONTACT: Intercargo Corp., Schaumburg Lisa Gelsomino, 800/394-3920 or 847/517-2360 |
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