Glossary

Bailee
One who has custody of the property of another. Bailee "for hire" has certain responsibilities to care for the property of others that is in their custody.

Barratry
It is the wrongful act committed willfully by the master and/or crew against the ship owner.

Bill of exchange
It is the bill drawn by exporter against the importer.

Bill of Lading
Receipt of goods shipped on a ship signed by the person who contracts to carry them, and stating the terms on which the goods are carried.

Blanket Contract
A health insurance contract affording benefits, such as Accidental death and disbursement, for the class of people not individually identified. This is essentially used for groups such as athletic teams, campers, travel insurance for employees, etc.

Breach of condition
When a condition of the insurance contract is broken by the insured, the insurer may void the contract from the inception.

Broker
A marketing specialist who helps customer in purchasing insurance from the insurer and arrange necessary proceedings to attain the coverage required by the customer.

Bulk Cargo
Cargo, usually a homogenous material shipped in bulk i.e., complete shipments.

Bulk Carrier
Purpose built vessel specializing in the shipment of bulk cargoes i.e, iron ore, grain.

Burglary
It is a theft committed by breaking into or out of the premises. Evidence of breaking in is necessary

Business Interruption Insurance
Insurance for a business owner against losses resulting from stoppage of business because of fire or other insured peril. The insurance provides reimbursement for lost net profits and necessary standing expenses.