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).
BAILOR - A person entrusting goods to another.
BETTERMENTS - Physical improvements beyond mere maintenance or repairs that augment the value of a property.
BINDER - A temporary or preliminary agreement that provides coverage until a policy can be written or delivered.
BODILY INJURY - A term, mostly used in automobile insurance, meaning physical injury as a result of a car collision.
BOILER AND MACHINERY INSURANCE - This coverage protects an organization against any losses that result from a breakdown of heating, refrigeration, air conditioning equipment, pressure vessels, boilers, production machinery, electrical apparatus and/or electronic equipment.
BROAD COVERAGE - This provides comprehensive insurance coverage for buildings and named perils coverage for contents.
BREACH - Failure to live up to the conditions or warranties contained in a policy.
BROKER - An insurance broker sells insurance for more than one company.
BUILDERS RISK INSURANCE - Insurance coverage on property under construction, including loss to temporary buildings, materials and supplies necessary to complete the construction project.
BURGLAR ALARMS - Devices of various types which give warning of entry into premises by unauthorized persons.
BURGLARY - Unlawful removal of property from premises involving visible forcible entry.
BUSINESS INTERRUPTION - Various types of insurance against business expenses and loss of income resulting from a fire or other insured peril.
BY-LAW ENDORSEMENT - An endorsement explaining how a particular insurance company deals with a claim which is affected by a local by law.