Aviation Hull and Liability Insurance
Deals with the insurance of aircraft.
Barratry
Any wrong deliberately committed by the shipmaster or crew to the detriment of the owner or character of the vessel, without any connivance on the part of the owner.
Boiler & Machinery (B&M) Insurance
Also referred to as Machinery Breakdown (MB) Insurance or Boiler Pressure Vessel (BPV) Insurance; the accident insurance for boilers, pressure vessels and other machinery. The basic cover provides indemnity for repair or replacement in the event of sudden and unforeseen mechanical or electrical breakdown or explosion.
Bond
An agreement among three parties, whereby a surety company jointly and severally guarantees the performance by an individual (called the principal) of an obligation or undertaking in favor of a third party (called the obligee).
Brigandage
When more than three armed persons form a band of robbers for the purpose of committing robbery in the highway, kidnapping persons for the purpose of extortion or to obtain ransom, or for any other purpose to be attained by means of force and violence.
Burglary
The felonious abstraction of insured property from within the premises, by any person or persons making felonious entry into or exit from the premises, by actual force and violence when the premises are not open for business. In order to be covered, such forcible entry/exit should leave visible marks upon the exterior or interior of the premises at the place of entry/exit by tools, explosives, electricity or chemicals.
Burglary Insurance
Indemnifies the named insured against loss of or damage to the insured property caused by burglary.
Chance of Loss
Expressed as a fraction in mathematical equation, it is the long run relative frequency or the probability of a loss.
Clauses
Written stipulations used by insurance companies for the purpose of modifying, limiting, extending or clarifying insurance coverages, granted thereunder to make the printed policy form adaptable to all the kinds of circumstances and needs of the insuring public.
Co-Insurance
Refers to two or more policies of insurance of the same type, covering the same property of the same interest at the same location.
