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Buildings

1. In household policies it is the home (the dwelling, outbuildings and garage), fixtures and fittings, patios, terraces, footpaths, tennis courts, drives, walls, swimming pools, fences, gates, hedges, service tanks, pipes, permanently connected cables and central heating oil tanks, within the boundaries of the home. Trees and plants are not included unless the policy has been extended to cover damage to garden. 2. Under the standard fire policy used by businesses, buildings are defined as: buildings including the landlord’s fixtures and fittings therein and thereon, unless otherwise stated constructed of brick stone or concrete and roofed with slates tiles metal concrete asphalt or sheets or slabs composed entirely of mineral ingredients. Unless specifically insured, Buildings includes annexes, small outside buildings, conveyors, wires, service pipes and other equipment that is the property of the insured (or for which he responsible), walls and gates and fences. incombustible

Bulk Oil Clause, 01.02.1983

Along with most of the major risks that are covered under ICC (B), the bulk Oil Clauses also cover leakage of oil from connecting pipelines in loading, transshipment or discharge and also loss or contamination of oil caused by negligence of master, officers and crew in pumping cargo, ballast or fuel. Also contamination due to stress of weather is covered. Claim for leakage and shortage recoverable under the insured is subject to adjustment clause. Insurance attaches from the moment cargo leaves the tanks for loading onto vessel and time limit of delivery to the final point of delivery is 30 days only.

Bulk Reinsurance

A transaction sometimes defined by statute through which, of itself or in combination with other similar agreements, an insurer assumes all or a substantial portion of the liability of the ceding company.

Bulk transfer

The transfer of a group of members from one occupational pension scheme to another. A transfer payment is made to the new scheme based on the transfer of assets and liabilities. The transfer may occur when members of a closed final salary scheme are given the chance to join a new money purchase scheme. More usually it occurs when the business changes ownership. The consent of the members is required as they could opt for a pension transfer to a personal pension, a section 32 policy or no transfer at all. The transfer payment usually exceeds the individual’s cash equivalent transfer value.

Bullet (•)

1. Alert symbol used in the diagnostic code book titled International Classification of Diseases, Ninth Revision, Clinical Modification (ICD-9-CM) . It is used to indicate a diagnostic code or line of text that indicates the description is new to that specific annual edition. 2. New code symbol used in the procedure code book titled Current Procedural Terminology (CPT) . It is used to identify a service or procedure code that is new to that specific annual edition. 3. When an audit is taking place, term used to indicate evaluation and management criteria for documenting services rendered. Also known as an element .

Bumbershoot Policy

A liability policy similar to the Umbrella Policy which includes coverage related to Ocean Marine risks. In addition to General Liability coverage, Protection and Indemnity can be provided, as can Liability under the Workers Compensation Act. Collision coverage can be provided and general average and salvage charges can be included. A shipyard would be interested in a Bumbershoot Policy.