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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Coverage on an all risks basis for goods in transit, bailment, and while on the premises of others. ...
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The regulation that, prior to its repeal, limited the amount of interest a time deposit at a bank could pay. ...
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