Vault manager liability requires bullion-loss compensation based on care and negligence, while force-majeure losses are excluded from responsibility. Vault manager liability applies to loss of or injury to stored bullion. Damage or loss despite reasonable care requires compensation based on the ... Summary
Vault manager liability requires bullion-loss compensation based on care and negligence, while force-majeure losses are excluded from responsibility.
Vault manager liability applies to loss of or injury to stored bullion. Damage or loss despite reasonable care requires compensation based on the bullion's value at deposit, while negligence requires compensation based on its value on the date of damage or loss. No responsibility arises for loss, destruction, damage or deterioration caused by a force-majeure event. Vault managers must maintain adequate insurance for risks specified by the bullion depository or the Authority.
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