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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Search engine site that emphasizes the fields of environmental risk management, environmental engineering, environmental planning, physical and biological sciences, and various ...

Circumstance resulting when government expenditures exceed government income. To finance this difference, the United States Treasury will auction Treasury bills, notes, and bonds. In order ...

Condition of real or personal property when it is damaged or destroyed to such an extent that it cannot be rebuilt or repaired to equal its condition prior to the loss. ...

Clause, generally found in business interruption insurance, that establishes the same indemnification basis as the coinsurance clause. ...

Payment of insurance proceeds for a claim resulting from a loss to insured mortgaged property. ...

Coverage when business records are destroyed by an insured peril and the business cannot collect money owed. The policy covers these uncollectible sums plus the expense of record ...

Important means of preventing accidents and injuries. Insurers take corporate safety programs into account when rating workers compensation and other business insurance policies. ...

Structure separating parts of a building in order to contain the spread of fire. Fire walls reduce the severity of a potential fire and lower premium rates. ...

Same as term Commingled Trust Fund: pooling of assets of two or more pension funds under common portfolio management. ...

Popular Insurance Questions