Bailee's Customers Insurance

Dictionary Says

Definition of 'Bailee's Customers Insurance'

Insurance coverage for legal liability resulting from damage or destruction of a bailor's property while temporarily under the care or custody of a bailee. A bailee is a person or organization that has temporary possession of someone else's personal property (dry cleaner, parking valet, jewelers, repairers, etc.)

The coverage includes property that is on, or in transit to and from, the bailee's premises. Events and perils covered include fire, lightning, theft, burglary, robbery, explosion, collision, flood, earthquake and damage or destruction in the course of transportation by a carrier. The insurance is in effect when the bailee issues a receipt to the bailor for the item. Coverage excludes property belonging to the insured bailee and loss due to vermin and insects.
Investopedia Says

Investopedia explains 'Bailee's Customers Insurance'

When a customer (bailor) takes a suit to the dry cleaner to be cleaned, the suit is temporarily under the control of the bailee (dry cleaner). The bailor expects the suit to be returned in good condition. If the suit is stolen from the cleaner or is damaged while under the care of the cleaner, the insurance would cover the loss.


Sign Up For Term of the Day!

Try Our Stock Simulator!

Test your trading skills!

Related Definitions

  1. Insurance

    A contract ...
  2. Insurance Claim

    A formal request ...
  3. Business Insurance

    Insurance ...
  4. National Average Wage Index - NAWI

    An index ...
  5. 403(b) Plan

    A retirement ...
  6. Financial Intermediary

    An entity that ...
  7. Agent

    1. An individual ...
  8. Guaranteed Investment Contract - GIC

    Insurance ...
  9. Premium

    1. The total ...
  10. Underwriting

    1. The process ...

Articles Of Interest

  1. 15 Insurance Policies You Don't Need

    Learn how to save money by saying "no" to unnecessary coverage.
  2. Preparing Your Finances From Natural Disasters

    Use these easy tips to protect your financial interests from natural disasters.
  3. What is a convertible insurance policy?

  4. Why is my insurance premium so high/low?

  5. Market Capitalization Defined

    Find out the differences between mega-, large-, mid- and small-cap stocks and how each suits different investing styles.
  6. In Small Business, Success Is Spelled With 5 "C"s

    Incorporating these steps will help your business thrive in a competitive market.
  7. Retirement Savings Tips For 35- To 44-Year-Olds

    Learn how the "sandwich generation" can save for retirement while taking care of their kids and parents.
  8. Is Loan Protection Insurance Right For You?

    This coverage can keep you from defaulting on your loans when you're in financial trouble.
  9. Selecting And Managing Insurance Payouts

    Find out which settlement option is right for you before you recieve your funds.
  10. Will Filing An Insurance Claim Raise Your Rates?

    An accident can mean higher insurance costs - even if it wasn't your fault.

comments powered by Disqus
Recommended
Loading, please wait...
Trading Center