B – Glossary of Terms

ALPHABETICAL LISTING 

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Bailee:
Person or concern having the possession of personal property entrusted to him by the owner of said property.

Bailees Customers Insurance: 
A policy that covers the loss or damage to personal property of customers.

Beneficiary: 
The designation by the owner of a life insurance policy that indicates who will receive the proceeds upon the insured’s death or when a policy endowment matures.

Benefit Period: 
The period of time which an insurance company pays benefits to the named insured or dependents.

Benefits: 
Monetary sum payable by the insurance company to a claimant, assignee, or beneficiary.

Binder: 
A written or oral contract issued temporarily to place insurance in force until a permanent policy is issued. When an oral binder is issued, you should request a written one to follow.

Binding Receipt: 
The (evidence or) receipt given for a premium payment accompanying an application for insurance.

Blanket Contract: 
A policy that covers an insured’s property at several different locations.

Boiler and Machinery Insurance: 
Coverage for loss arising out of malfunction, the operation of pressure, mechanical, and electrical equipment. Most property insurance policies exclude these types of risks.

Bond: 
A three party contract that guaranteeing that if the principal fails to perform as obligated to, the obligee (person whom duty would be owed), will be financially protected by the issuer of the bond. We can assist you with your bond needs.

Broker: 
One who represents an insured and who may render solicitation, negotiation, or services that deal with a contract of insurance on behalf of the insured.

Broker of Record: 
Also known as Agent of Record, this is a broker who is designated to handle certain insurance contracts for the named insured.

Burglary and Theft Insurance: 
Coverage against property losses due to burglary, robbery, or larceny.

Business Income Insurance: 
Provides protection for a business owner against losses resulting from a temporary shutdown of an insured peril. This provides reimbursement for lost profits and necessary continuing expenses. A common exposure that most people have added in Florida, thanks to Hurricane Andrew.

Business Insurance: 
A commercial insurance policy which provides coverage to a business. Many forms of business insurance are available and depend on your specific needs.

Builders Risk: 
A contract that will insure building contractors for damage to property under construction. Once erected, the Builders Risk policy may usually be converted to a specific type of homeowners or commercial property form.

Business Personal Property: 
Known as “contents,” this refers to furniture, fixtures, equipment, machinery, merchandise, and all other personal property owned by the insured and used in the insured’s business.

Buy Sell Agreement: 
An agreement made by the part-owners of a business to purchase the interest of a disabled or deceased owner. Values of the owner’s share of the business and the terms of the buying and selling are established before death or at the beginning of a disability.

ALPHABETICAL LISTING 

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