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.
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.
Bailee is one who has temorary custody of property belonging to another.
Bail bond is a surety bond that guarantees that the principal will appear in a criminal proceeding.
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.
Coverage designed to indemnify against the cost of mechanical failures or breakdowns not covered under the dealer’s or manufacturer’s warranty.
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 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.