CargoDocs eRisk Insurance
In addition to electronic Bills of Lading (eB/Ls) being more secure than their paper counterpart, CargoDocs eB/Ls also include insurance against fraud and related risks. The same insurance cover also applies to CargoDocs electronic Warehouse Warrants (eWWs).
Since CargoDocs electronic Bills of Lading have relevant P&I approvals, carriers remain within the terms of their P&I cover when using the solution. Notwithstanding the above, essDOCS is required to maintain insurance which covers all eB/L users as follows:
- for eRisks with a limit of US$20 million for any one eB/L
- for other liabilities arising under the DSUA with a limit of US$1 million
eRisks comprise of the following:
- eFailure – risks of losses caused by the internal operation of the essDOCS Document Exchange (Exchange Title Docs) including a failure which results in the misissuance or misdelivery of an eDoc or the inability to access an eDoc
- eCrime – risks external to the operation of the essDOCS Document Exchange (Exchange Title Docs) which may result in a fraudulent interaction with an eDoc, for example, hacking.