All risks’ cover on personal effects and luggage generally insured under travel insurance policies.
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Covers personal accompanied baggage of the insured and/or his family members travelling with him against the risks of their baggage being lost, destroyed or damaged by accident, Fire or theft.

Guarantees the appearance of a person in court enabling them to be released on bail. If the person fails to appear, the ‘bondsman’ of the bond to the court. Spain requires visiting motorists to provide bail bonds from their insurers as a means of ensuring that funds will be available to meet any damages payable after road accidents.
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Refer: “Bond, Bail Bond.”

Provides members of P & I Clubs with the backing needed to secure bail when their vessels are in rem for a tortious or contractual liability leading to a maritime or statutory lien over the vessel. The club’s letter of undertaking secures the release of the vessel long before a court could rule on the case, thus enabling the released vessel to trade.

One who has possession of another’s property under contract of bailment or agreement. A bailee for reward receives payment (e.g. garage owner for repairing a car) and must use the care that a prudent man would use over his own goods. Where there is no common benefit the person in possession is a gratuitous bailee who must exercise the care that a vigilant person would over his own goods. Bailees for reward may seek to exempt themselves or limit their liability. See UNFAIR CONTRACT TERMS ACT 1997.
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One who is charged with the care of the property of another. For example, a garage is the bailee of a customer’s (bailor’s) car (the bailment) and a jeweler is a bailee of customers’ jewelry while in its possession for repair or appraisal.
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One who has the custody of the property of another. Bailee “for hire” have certain responsibilities to care for the property of others that is in their custody.
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A person who holds the property of another person (the bailor) under a contract or agreement according to which the property held is to be returned to the bailor or delivered somewhere to his order. A bailee for reward is paid for his services.
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A person or concern having possession of property committed in trust from the owner.

Institute Cargo Clause obliging the insured to ensure that his rights against the shipowner or other bailees are not allowed to lapse by reason of his tardiness in lodging a claim or any other default. The insurer is entitled to avoid claims where their subrogation rights have been prejudiced by the conduct of the insured. The insurer is not liable for expenses incurred by the insured in complying with the clause.

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).

A table showing the balance of pension that the employer has to purchase for each employee under a pension scheme.

A tax payable by a shipowner who receives a claim payment in excess of the book value of the ship. The excess is deemed to be a taxable profit.

Selling insurance through a bank’s established distribution channels often in association with the bank’s own insurance subsidiaries. It means that banks can offer banking, insurance, lending and investment products to customers. The term has also been used to describe separate banks and insurance companies each selling the other’s products.

The band of total earned income between lower and upper earnings limits on which state second pension and personal NI contributions are based.