A shorthand expression for bodily injury.
Insurance Encyclopedia
Bi-fuel vehicles for Motor
Sometimes, in addition to Petrol or Diesel the vehicles have attachments for CNG or LPG as fuel for running the vehicle and as such are subject to increased hazard in the event of accident. Such vehicles require an endorsement in the registration certificate by the RTA. In such cases an additional premium is to be charged for insurance cover.
BI/PD exclusion
Found in D&O policies, refers to the exclusion eliminating coverage for claims for bodily injury or property damage, which is contained in virtually every D&O, EPL, Fiduciary and similar type of insurance policy. The purpose of this exclusion is to avoid the policy covering loss that is typically insured under a company’s comprehensive general liability (CGL) insurance policy.
Bid
Bid (or tender) bond
See: Bonds (Surety Bondsyconstruction Bonds.
Bid Bond
When a contractor bids on a construction project that will require a contract surety bond, he or she must provide a bid bond with the bid. The bid bond guarantees the project owner that if the contractor is awarded the contract, he or she will undertake the project at the price quoted and will provide a contract surety bond. If the contractor, upon receiving the project, refuses to enter into the contract at the agreed-upon price, the bid bond reimburses the project owner for the difference between the low bid awarded and the next lowest bid.For example, suppose Ace Construction bids $2,000,000 to pave two miles of state highway for the State of Texas. Upon receiving the contract, Ace Construction refuses the job stating that it made a mistake and cannot undertake the project for that price. Zone Construction also bid on the project with a bid of $2,300,000. Ace Construction’s bid bond pays the $300,000 difference to the State of Texas. (See Surety Bond).
A guarantee that the contractor will enter into a contract, if it is awarded to him, and furnish such contract bond (sometimes called “performance bond”) as is required by terms thereof.
Bid price
the price at which an insurer will redeem the units associated with a unit-linked assurance policy.
Bid/offer spread
The spread is the difference between the bid (the buy-back price payable to holders of unitised funds by fund managers) and the offer (the higher selling price at which the managers will offer the units for sale on the same day). This is normally 5-7 per cent, and covers the costs and profit of the fund.