What does property in your physical and legal control/ care custody and control insurance cover?

re, Custody, and Control insurance or property in your physical or legal control insurance is usually an automatic sublimit under a public liability insurance policy.

It is designed to protect businesses that have temporary possession of someone else’s property with the intent to be worked upon/part of your insured business activities.

Examples could include
– Phones that are left overnight at phone repair stores
– Jewellery or watch repair stores
– Bicycle repair stores
– Computer repair stores
– Storage Facilities

This extension can offer cover to your customers goods if they have been damaged accidently whilst in the possession and under the care of your business.

Standard exclusions under a public liability insurance policy will still apply to this additional benefit.
Exclusions such as damages to motor vehicles, faulty workmanship, and damage to your own goods are a few examples.

The automatic sublimit is standardly $250,000 but can fluctuate between different insurers and occupations

Some insurers depending on your occupation will exclude this completely.
For example, a removalist, courier or transport operator as standard would have this exclusion applied. It would then be in the best interest of transport operators to take out a transit policy to cover their customers goods whilst in their custody, and whilst in transit.
Another example is a storage facility. It is quite difficult to obtain this extension for storage facilities given the high values of items insured at one address.

Contact Morgan Insurance Brokers today to discuss your public liability insurance policy.