Bailee - A person or organization that has temporary possession of someone else's personal property.
Bailee's customer policy - Nonfiled commercial inland marine form obtained by a bailee to cover loss or damage to customers' property in the bailee's custody without regard to liability.
Bailment - Delivery of property by the owner to someone else to be held for some special purpose and then returned to the owner.
Barratry - Illegal acts committed willfully by a ship's master or crew for the purpose of damaging the ship or cargo-includes hijacking, abandonment and embezzlement; this peril is covered in ocean marine insurance.
Best's - Organization that rates the financial stability of insurance companies doing business in the United States.
Bid bond - Type of surety bond that guarantees that if a contractor's bid is accepted, the contractor will enter into a contract and provide the required performance bond. For more information visit website #property and casualty insurance terms.
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