Archive for November, 2008

Mike Petruccelli asks, What is Barratry?

Monday, November 24th, 2008

Barratry is illegal acts commited willfully by a ship’s master or crew for the purpose of damaging the ship or cargo. This Ocean Marine peril includes hijacking, abandonment and embezzlement of the cargo.

Mike Petruccelli asks, What is Bailees Policy?

Monday, November 24th, 2008

Bailees Policy is Inland Marine insurance obtained by a bailee, to cover loss or damage to customers property in the bailee’s custody, without regard to liability.

Mike Petruccelli asks, What is Bailee?

Monday, November 17th, 2008

Bailee is one who has temorary custody of property belonging to another.

Mike Petruccelli asks, What is a Bail Bond

Monday, November 17th, 2008

Bail bond is a surety bond that guarantees that the principal will appear in a criminal proceeding.

Mike Petruccelli asks, What is Aviation Insurance?

Tuesday, November 11th, 2008

Insurance which provides both liability and physical damage (also called Aircraft Hull insurance) coverage for aircraft. Liability coverage available separately for hangarkeepers and airport owners or operators.

Mike Petruccelli asks, What is Automobile Mechanical Breakdown Insurance

Tuesday, November 11th, 2008

Coverage designed to indemnify against the cost of mechanical failures or breakdowns not covered under the dealer’s or manufacturer’s warranty.

Mike Petruccelli asks, What is Assignment Clause?

Wednesday, November 5th, 2008

Mike Petruccelli says an Assisgnment Clause is a condition in insurance policies that specifies that transferring the policy to another is not valid unless the company consents to it in writing.

Mike Petruccelli asks What is an Appraisal?

Wednesday, November 5th, 2008

Mike Petruccelli says it is a clause which provides an appraisal procedure when the insured and the insurer are in disagreement regarding the amount of loss. Insured and insurer each choose an appraiser, who, failing to agree, select an umpire. Agreement of any two of the three will be decisive.