- Bailee: Person or concern having
the possession of personal property entrusted to him by
the owner of said property.
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- Bailees Customers Insurance:
Policy that covers the loss or damage to personal property
of customers.
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- Beneficiary: The designation
by the owner of a life insurance policy that indicates who
will receive the proceeds upon the insured's death or when
a policy endowment matures.
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- Benefit Period: The period of
time which an insurance company pays benefits to the named
insured or dependents.
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- Benefits: Monetary sum payable
by the insurance company to a claimant, assignee, or beneficiary.
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- Binder: A written or oral contract
issued temporarily to place insurance in force until a permanent
policy is issued. When an oral binder is issued, you should
request a written one to follow.
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- Binding Receipt: The (evidence
or) receipt given for a premium payment accompanying an
application for insurance.
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- Blanket Contract: A policy that
covers an insured's property at several different locations.
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- Boiler and Machinery Insurance:
Coverage for loss arising out of malfunction, the operation
of pressure, mechanical, and electrical equipment. Most
property insurance policies exclude these types of risks.
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- Bond: A three party contract
that guaranteeing that if the principal fails to perform
as obligated to, the obligee (person whom duty would be
owed), will be financially protected by the issuer of the
bond. We can assist you with your bond needs.
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- Broker: One who represents an
insured and who may render solicitation, negotiation, or
services that deal with a contract of insurance on behalf
of the insured.
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- Broker of Record: Also known
as Agent of Record, this is a broker who is designated to
handle certain insurance contracts for the named insured.
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- Broker: One who represents an
insured and who may render solicitation, negotiation, or
services that deal with a contract of insurance on behalf
of the insured.
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- Burglary and Theft Insurance:
Coverage against property losses due to burglary, robbery,
or larceny.
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- Business Income Insurance: Provides
protection for a business owner against losses resulting
from a temporary shutdown of an insured peril. This provides
reimbursement for lost profits and necessary continuing
expenses. A common exposure that most people have added
in Florida, thanks to Hurricane Andrew.
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- Business Insurance: A commercial
insurance policy which provides coverage to a business.
Many forms of business insurance are available and depend
on your specific needs.
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- Builders Risk: A contract that
will insure building contractors for damage to property
under construction. Once erected, the Builders Risk policy
may usually be converted to a specific type of homeowners
or commercial property form.
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- Business Personal Property:
Known as "contents," this refers to furniture,
fixtures, equipment, machinery, merchandise, and all other
personal property owned by the insured and used in the insured's
business.
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- Buy Sell Agreement: An agreement
made by the part-owners of a business to purchase the interest
of a disabled or deceased owner. Values of the owner's share
of the business and the terms of the buying and selling
are established before death or at the beginning of a disability.
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