What Does The Bailee Insurance Form Cover

It is typically purchased by businesses such as dry cleaners jewelers repairers furriers etc.

What does the bailee insurance form cover. Bailees insurance is a common form of inland marine property insurance that is readily available in the property insurance marketplace. Bailee s customer s coverage is insurance protection against legal liability resulting from destruction or damage of a bailor s customer or client property while under the temporary possession of a bailee business service provider. Hazards covered in such policies include fire. Covered property covered property as used in this coverage form means personal property of others that is in your care custody or control.

Numerous covered perils are typically included in bailee s customers insurance include fire explosion flood earthquake lightening burglary theft robbery collision or destruction or damage resulting from transportation. It is typically purchased by businesses such as dry cleaners jewelers repairers furriers etc. Bailee coverage can cover losses to customers property due to perils including fire lightning theft burglary robbery windstorm explosion collision floor sprinkler leak earthquake strike and damage or destruction in transportation. We hope the you have a better understanding of the meaning of bailee coverage.

Bailee coverage inland marine coverage on property entrusted to the insured for storage repair or servicing. A bailee is a person or organization that has temporary possession of someone else s personal property dry cleaner parking valet jewelers repairers etc popular. Along with theft and fire protection good bailee s insurance policy coverage should also include protection from. Bailee s customers insurance provides coverage for the legal liability of damage or destruction of a bailor s property while under the care of a bailee.

In other words the bailee is the organization or individual that takes temporary custody of someone else s property while a bailor is the customer entrusting the bailee with her property. Usually bailees coverage is written as part of the overall property insurance program on the firm along with business personal property coverage on the buildings and contractor s equipment coverage. Bailee coverage inland marine coverage on property entrusted to the insured for storage repair or servicing. Coverage commonly excludes damage to property as a result of insects or vermin.