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Glossary

NOTE:  All definition are from the Insurance Bureau of Canada

B

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.

  • "Thanks for everything Eric. It's been a pleasure for me to deal with you for my insurance. I won't hesitate to recommend you in the future."

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