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BAILEE
- In contract and property
law one to whom goods or property are entrusted for a
stated purpose. Can be either gratuitous (for no
consideration) or for hire (for consideration).
BASIC RATE
- The standard charge for a given type of risk.
BI/PD
- Bodily Injury / Property Damage
Liability Coverage.
BID BOND
- A bond condition that if the contract is awarded to
the contractor, he will, within a specified time after
the award, sign the contract and furnish the required
performance and/or payment bonds. If the contractor
fails to sign the contract or fails to furnish the
required bond or bonds, there is a default under the bid
bond and the measure of damages for which the Bonding
Company is responsible will usually be the difference
between the bid of the contractor and that of the next
higher bidder not exceeding, however, the amount of the
bid bond.
BINDER
- A temporary or preliminary
agreement, which provides coverage until a policy can be
written or delivered.
BLANKET POLICY
(INSURANCE) - Insurance of
two or more items, or locations, in one aggregate sum
insured without separate amounts for each item.
BODILY INJURY
- Term used in Auto and Liability policies meaning
physical injury, including sickness, disease, mental
injury, shock, or death.
BODILY INJURY
LIABILITY - Pays when an
insured person is legally liable for bodily injury or
death caused by your operations or arising from your
premises. This coverage also pays for your legal defense
if you are sued.
BROKER
- An independent person or firm
who acts on behalf of the insured in placing business
with the insurance company. Responsible for the
collection of premiums but has no authority to give
coverage on the insurance company’s behalf without their
specific agreement. Compensation is on a commission
basis.
BUILDER’S RISK
INSURANCE - Insurance
coverage on property under construction including loss
to buildings, including machinery and equipment, in
course of construction, and materials incidental to
construction.
BURGLARY
- Unlawful removal of property
from premises involving visible forcible entry.
BUSINESS INTERRUPTION
- Insurance against business expenses and loss of income
resulting from fire or other insured perils.
BY-LAW
- A law or ordinance dealing with matters of local or
internal regulation made by a local authority or by a
corporation or association.
BY-LAW ENDORSEMENT
- An endorsement
explaining how a particular insurance company deals with
a claim which is affected by a local by-law.
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