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
Determination of (1) a future property or liability insurance or reinsurance rate or (2) a premium for a specified future period of time. It is based on the loss experience of a specified ...
Portion of a premium paid by an insured that has been allocated to the insurance company's loss experience, expenses, and profit year to date. ...
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Coverage for dental services under a group or individual policy. ...
Language in the insurance policy that can be considered unclear or subject to different interpretations. Under these circumstances, the courts have generally ruled in favor of insured ...
Common element in property insurance that excludes electrical damage or destruction of an appliance unless the damage is caused by a resultant fire. ...
Table used in calculating various nonforfeiture values for industrial life insurance policies. These tables give the minimum values that must be generated to the policyowner. The insured's ...
Coverage outside an insured's home for personal items usually carried or worn while traveling. Protection is for personal property (apparel and jewelry), not for real property or property ...
Clause in an insurance policy that provides for the payment of a monetary sum to the individual (s) who incurred the loss. ...
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