Definition of "Bailee"
Individual who has temporary rightful possession of another's property. The bailee often furnishes a receipt in exchange for the bailor's property. For example, a dry cleaner has temporary custody of a suit to be cleaned and must exercise proper care to safeguard it against physical loss. If the property is damaged, the bailee's insurance policy often becomes the primary coverage and must indemnify the loss.
Popular Insurance Terms
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Protection under an insurance policy. In property insurance, coverage lists perils insured against, properties covered, locations covered, individuals insured, and the limits of ...
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Provision in a property, liability, or health insurance policy stipulating the extent of coverage in the event that other insurance covers the same property. ...
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U.S. government agency (formerly the Atomic Energy Commission) responsible for regulating the nuclear energy industry. The commission also provides supplemental insurance for nuclear ...
Frequency of premium payment; for example annually, semiannually, quarterly, or monthly. ...
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