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Bailee Coverage

Inland marine coverage on property entrusted to the insured for storage, repair, or servicing. It is typically purchased by businesses such as dry cleaners, jewelers, repairers, furriers, etc.

Basic Limits

The minimum limits of liability as required by state or local law.

Beneficial Interest

Denotes someone who is not neccesarily the insured on a property policy but has a financial interest in the property (i.e. they would benefit from any insurance on the property).

Beneficiary

The person or persons named to receive the benefits (payout) from a life insurance policy.

Binder

A binder is a legal agreement that serves to effect insurance coverage for a specified period of time until the actual insurance policy can be issued. A binder can be issued by either an insurance agent or company and must provide the following information:

Name of insured
Type of insurance coverage
Limits of insurance
Covered perils
Name of insurance company

Blanket Coverage

For property insurance, a blanket sets a single limit (maximum payout) for multiple buildings or risks. For health insurance, a blanket covers an entire group for a list of coverages (i.e. medical, dental, etc.).

Blanket Insurance

Blanket insurance provides coverage under a single limit for the foll