Bailee's Customers Insurance
Definition of "Bailee's customers insurance"
Coverage for legal liability resulting from damage or destruction of the bailor's property while under the bailee's temporary care, custody, and control. Includes property on or in transit to and from the bailee's premises. Perils covered include fire, lightning, theft, burglary, robbery, windstorm, explosion, collision, flood, sprinkler leakage, earthquake, strike, and damage or destruction in the course of transportation by a common carrier. The insurance is in effect when the bailee issues a receipt to the bailor for the item. Coverage excludes property belonging to the insured bailee and loss due to vermin and insects. For example, a suit to be cleaned is under the temporary control of the bailee (cleaner). The bailor (owner) expects the suit to be returned in good condition. If the suit is stolen from the cleaner, the insurance would cover the loss.
Popular Insurance Terms
Organization formed to encourage research in insurance and to foster an exchange of ideas and research methodology among the society members. ...
Failure of an insurance company to offer similar insurance coverages at comparable premium rates to all individuals or groups with the same underwriting characteristics. Such discriminatory ...
Set of yield curves in which an interest rate is specified for various maturities such as monthly, quarterly, or annually. The basis of the interest rate can be corporate bond rates, United ...
(stop loss) amount over which a health insurance plan pays 100% of the costs in a percentage participation plan. Here, an insured shares costs with the insurer according to some ...
Assembly of people formed only for obtaining group insurance. Such a group is uninsurable and violates underwriting principles concerning group insurance. ...
Surcharge, in retrospective rating of property and liability insurance, added to the basic premium rate charged to reflect fixed cost of adjusting or settling losses. ...
Transit over land. ...
Federal legislation requiring employers with traditional health plans to also provide an HMO to its employees. The act also makes it mandatory for employers to contribute as much to the HMO ...
owner of property has an insurable interest because of the expectation of monetary loss if that property is damaged or destroyed. creditor of an insured has an insurable interest in ...
Have a question or comment?
We're here to help.