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25 Cards in this Set
- Front
- Back
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Bailee |
A person or organization that has temporary possession of someone else personal property |
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Bailee's customer policy |
Non filed commercial inland marine form obtained by a bailee to cover loss or damage to customers property in the bailees custody without regard to liability |
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Bailment |
Delivery of property by the owner to someone else to be held for some special purpose and then returned to the owner |
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Barratry |
Illegal acts committed willfully by a ships'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 |
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Best's |
Organization that rates the financial stability of insurance companies doing business in the US |
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Bid Bond |
Type of surety bond that guarantees that if a contractors bid is accepted, the contractor will enter into a contract and provide the required performance bond |
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Bill of Landing |
Standardized contract of carriage issued by common carriers to the business for which it is shipping goods |
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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 |
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Blanket insurance |
Type of insurance policy that covers more than one item of property at a single location or one or more items of property at multiple locations |
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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 |
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Bodily Injury |
Defined in most policies to include injury, sickness, disease, death, resulting from any of these at any time |
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Boiler and machinery insurance |
Insurance that covers the insured for losses arising out of the use of steam boilers or other machinery equipment, may be included in commercial package policy |
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Broad theft coverage endorsement |
Dwelling policy endorsement that covers theft, attempted theft and vandalism, and malicious mischief resulting from theft, property is covered while it is on or off the premises |
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Broker |
Individual who represents the prospect, instead of the insurance company, in the insurance transaction |
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Builders risk coverage form |
One of the commercial property coverage forms; covers commercial, residential or farm buildings that are under construction |
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Builders risk reporting form |
Optional form used with the commercial property builders risk coverage form; allows insured to purchase a smaller amount of insurance that gradually increases as the value of the building under construction increases |
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Building and personal property coverage form |
Commercial property coverage form that covers buildings, the insureds business personal property, and the personal property of others located on the business premises |
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Burglary |
As defined in crime insurance forms, the taking of property by a person unlawfully entering or leaving the premises by visible signs of forced entry or exit |
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Business auto coverage form |
One of the commercial auto coverage forms, covers a business's owned, non owned, and hired autos against liability and physical damage losses |
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Business auto physical damage coverage form |
One of the commercial auto coverage forms; covers a business's owned or hired business autos for physical damage only |
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Business income coverage forms |
Commercial property coverage forms that pay for loss of income that the insured sustains due to a direct physical loss from a covered peril that forces an insured to suspend operations until the property can be repaired, rebuilt, or replaced with reasonable speed; available without or without extra expense coverage |
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Business Income from dependent properties |
Broad form commercial property coverage form designed for insureds whose business income is dependent ongoing operations of other businesses they do not own |
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Business liability |
Liability that arises out of the conduct of a business |
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Business pursuits endorsement |
Homeowners policy endorsement that provides liability coverage for a business conducted away from the resident premises |
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Businessowner's Policy (BOP) |
Package policy designed to provide broad property and liability coverage for small businesses; eligibility requirements are more strict than the CPP's |
