Bailee
A person or organization that has temporary possession of someone else’s personal property. (ex. repair shop)
Bailee’s Customer Policy
Commercial inland marine form obtained by a bailee to cover loss or damage to customers’ property in the bailee’s custody without regard to liability. (Covered under bailee policy)
Bailment
Delivery of property by the owner to someone else to be held for some special purpose and then returned to owner. (ex. leaving computer at repair shop)
Barratry
Illegal acts committed willfully by a ship’s master or crew for the purpose of damaging the ship or cargo-includes hijacking, abandonment and embezzlement; this peril is covered in ocean marine insurance.
Best’s
Organization that rates the financial stability of insurance companies doing business in the United States.
Bid Bond
Type of surety bond that guarantees that if a contactor’s bid is accepted, the contractor will enter into a contract and provide the required performance bond.
Bill of Landing
Standardized contract of carriage issued by common carriers to the business for which it is shipping goods. (Carriers responsibilities)
Binder
Oral or written statement that provides immediate insurance protection for a specified period; designed to provide temporary coverage until a policy is issued or denied. (30,60,90 days)
Blanket Insurance
Covers more than one item or property at a single location or one or more items of property at multiple locations. (Doesn’t required detailed list)
Blanket Position Bond
Fidelity bond that covers losses arising from the dishonesty of one or more employees acting separately or in collusion; provides a single limit of liability applicable to each employee involved in a loss. (Positions aren’t specifically listed BUT penalty applies separately to each employee involved in losses)
Bodily Injury (BI)
Injury, sickness, disease, and death resulting from any of these at any time.
Boiler and Machinery Insurance
Losses arising out of the use of steam boilers or other machinery or equipment.
Broad Theft Coverage Endorsement
Dwelling policy endorsement that covers theft, attempted theft and vandalism, and malicious mischief resulting from theft; property is covered while t is on or off the premises. (NOT automatically added. Owner occupied jewelry covered up to $1500)
Broker
Individual who represents the prospect, instead of the insurance company, in the insurance transaction.
Builders Risk Coverage Form
Commercial property coverage forms; covers commercial, residential, or farm buildings under construction.
Builders Risk Reporting Form
Allows insured to purchase a smaller amount of insurance that gradually increases as the value of the building under construction increases. (Buildings under construction and fixtures, machinery, etc. foundation within 100 ft)
Building and Personal Property Coverage Form
Commercial property coverage form that covers buildings, the insured’s business personal property, and the personal property of others located at the business premises. (NOT considered vacant, property values at ACV. Underground pipes excluded. Animals held for sale are NOT excluded.)
Burglary
Taking of property by a person unlawfully entering or leaving the premises as evidenced by visible signs of forced entry or exit. (Broad peril)
Business Auto Coverage Form
Covers a business’s owned, non-owned, and hired autos against liability and physical damage losses. (NOT used for garages, truckers, and motor carriers)
Business Auto Physical Damage Coverage Form
Covers a business’s owned or hired business autos for physical damage only.
Business Income Coverage Forms
Pay for loss of income that the insured sustains due to a direct physical loss from a covered peril that forces the insured to suspend operations until the property can be repaired, rebuilt, or replaced with reasonable speed; available with or without extra expense coverage.
Business Income From Dependent Properties
Designed for insureds who business income is dependent on the ongoing operations of other businesses they do not own.(Contributing location-raw material to insured.
Recipient location- primary buyer of the insureds goods.
Manufacturing location- manufactured goods to insureds.)
Business Liability
Liability that arises out of the conduct of a business.
Business Pursuits Endorsements
Homeowners policy endorsement that provides liability coverage for a business conducted away from the residence premises. (Employment of someone else; School teacher)
