Insurance that covers the bailee, the person temporarily in possession of another’s property, in case of damage to the property while under his care. The bailee is covered against many potential hazards, including fire damage, theft, robbery, and sprinkler leaks.
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Bailees Customer Insurance
Insurance purchased by a bailee to protect the personal property of his customers against loss caused by specific perils. An example would be a carpet cleaner who buys coverage to protect his customers against loss or damage to their carpets while in his care.
Bailees customers’ coverage
iNSURANCE designed to reimburse a bailee’s customers for loss without regard to liability. Often found on a commercial Inland Marine policy.
Bailees floater
An inland marine form that covers—on an open perils basis— a bailee’s interest in personal property of others.
Bailees liability coverage
Coverage designed for damage negligently caused by a bailee or employee to goods left in their care. Often found on a commercial Inland Marine policy.
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Coverage that meets the needs of a bailee’s liability. His legal responsibility is to exercise care appropriate to the circumstances of the bailment. In addition, most bailees want to carry enough insurance to make good any loss to the property in their custody whether or not they are legally liable.
Bailment
A contract or an agreement under which one person entrusts his property to another, the bailee, on the understanding that it will later be returned or otherwise accounted for, e.g. delivered to a prescribed destination. The bailee can insure the property on a material damage or a liability basis, or as agent or trustee on behalf of the owner. As public liability policies exclude property in the insured’s custody or control, special policies, overriding the exclusion, are written for hotel proprietors, garage owners, etc.
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The act of delivering property in trust to another for a limited time and specific purpose.
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A bailment is the delivery of goods by one person to another for some purpose, upon a contract that they shall. when the purpose is accomplished, be returned or otherwise disposed of according to the Directions of the persons delivering them. The person delivering the goods is called ‘bailor’ and the person to whom they are delivered is called ‘Bailee.’ (Sec. 148 of the Indian Contract act, 1872).
Bailment (Legal Terminology)
A person’s property that has been temporarily entrusted to another person.
Bailor
The owner of property that has been delivered to and is in possession of another.
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The person delivering property to another in trust.
Bailor (Legal Terminology)
A person who has temporarily given his or her property over to another person.