A type of inland marine insurance usually offering all-risk coverage to “floating” property, i.e., property subject to being moved from one location to another. An “All Risks” Policy issued to certain trades, e.g., Jewellers Block Policy.
Insurance Encyclopedia
Block policy
A block policy provides a form of inland marine insurance. It covers loss to the property of a merchant, wholesaler, or manufacturer including property of others in the insured’s care, custody, or control property on consignment and property sold but not delivered. A block policy covers loss caused by most perils (including transportation), subject to certain limitations as specified in the policy exclusions. Common block policies are jeweler’s block and furrier’s block policies.
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A Policy covering all the property of the insured (usually a merchant) against various perils, including losses during transportation. It may also cover property of others held by the insured as consignment sold but not delivered, or held for repairs or otherwise. It usually covers both property on and off the insured premises e.g., Jewellers’ Block Insurance, Musical Instruments Dealers Insurance, and Equipment Dealers Insurance.
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UK: Property insurance covering inland transit risks on infrequent ‘shipments’ by rail, parcel post or road conveyance. The policy may be ‘all risks’ or named perils subject to a per-shipment limit and exclusions. Cover includes the property of others in the insured’s custody or control. As the premium is fixed, the insured is not required to make regular declarations of shipments. The jeweller’s block policy is a particular form of block policy.
Block Rating
A method used for calculating the premium in an excess of loss Reinsurance contract.
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Refer: “Reinsurance, Block Rating.”
Block transfer
See: Bulk Transfer.
Blogs
Online publications that allow anyone with Internet access to become an instant publisher. Content can range from personal thoughts (diary or journal) to news to analysis or political rants. Also known as weblogs . When physicians or health care workers participate, it is referred to as medical blogging or medblogging . Under HIPAA compliance regulations, patients’ names and clinical information cannot be used in blog messages.
Blood deductible
Number of unreplaced pints of whole blood or units of packed red blood cells given to a Medicare patient that he or she is responsible for. A Medicare patient is responsible for paying for the first three pints of blood used in each calendar year unless they are replaced. This policy applies to Medicare Part A and Part B benefits. The Part A blood deductible is reduced to the extent that the blood deductible under Part B is satisfied.
Blood relative clause
An industrial life policy clause that legally enables the insurer to pay the sum due under the policy to the spouse of the insured or another relative by blood or marriage. It is also known as the Da Costa clause.
Blood Stock Insurance
Policies relate to horses used for racing and breeding purposes and provide cover in respect of loss of animals by death due to accident, illness or disease whilst within the specified geographical area (including transit therein).
Blood, urea, nitrogen (BUN)
Measure of the amount of urea in the blood, which is the major breakdown product of protein metabolism and is removed by the kidneys. It is determined by a blood test. During kidney failure, urea accumulates in proportion to the degree of kidney failure and to the amount of protein breakdown. Symptoms of uremia correspond roughly to the amount of urea in the blood.
Blowout and Cratering
These are industry terms having to do with accidents that can arise from drilling operations. Generally, they are either excluded under the Liability Policy or can be added by endorsement for an additional premium depending upon the judgment of the underwriter.
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Is the uncontrolled eruption of oil, gas, water, or drilling fluid from a well that is being drilled. Cratering is when a well that has already been drilled caves in. Blowouts take place when the pressure of the oil or gas in the reservoir is higher than was anticipated. The result is often a fire fueled by the oil or gas. Cratering often results in the drilling rig falling into the well. Blowout and cratering is excluded in the Commercial General LiabilityA blowoutpolicy but may be added as an endorsement. Operators Extra Expense coverage (also known as Control of Well insurance) may also be purchased. (See Operators Extra Expense).