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Board of Trustees

Board established by the Social Security Act to oversee the financial operations of the Federal Supplementary Medical Insurance Trust Fund. The Board is composed of six members, four of whom serve automatically by virtue of their positions in the federal government: the Secretary of the Treasury, who is the Managing Trustee; the Secretary of Labor; the Secretary of Health and Human Services; and the Commissioner of Social Security. The other two members are appointed by the President and confirmed by the Senate to serve as public representatives. The Administrator of the Centers for Medicare and Medicaid Services serves as Secretary of the Board of Trustees.

Boarder baby

1. Newborn infant who remains in the hospital nursery after discharge because the mother remains hospitalized. 2. Premature infant who is out of intensive care but needs observation or to reach developmental milestones.

Boat insurance

Marine insurance to provide loss or damage cover, third party cover and passenger liability cover for all types of small vessels used for private purposes or carrying passengers for hire. They include yachts, sailing dinghies cabin cruisers, motorboats, houseboats. speedboats, skiffs, etc. In some cases, a standard clause (e.g. Institute Yacht Clauses) may be used. Cover for some vessels can be added to a household policy.

Bobtail Liability

When a truck/tractor is operating without a trailer or semitrailer, it is a “bobtail.” In this situation, the load has been delivered and the truck is not being used for trucking purposes. Often the truck owner/operator is using the vehicle to return home. As such, the truck is not transporting property for the motor carrier it hauls for and under whose liability policy it depends upon when engaged in trucking activities. Bobtail liability then is part of a business auto policywith the Truckers-Insurance for Non-Trucking Use endorsement.For example, suppose Joe is an owner/operator for Triple Z Motor Freight and he takes a trailer load of auto parts from St. Louis to Kansas City. He leaves the trailer in Kansas City and returns to St. Louis “bobtail.” Joe is covered under Triple Z’s trucking liability policy on the way to Kansas City. Coming back to St. Louis, Joe is not engaged in trucking activity and is covered under the Truckers-Insurance for Non-Trucking Use endorsement. (See Truckers Policy).