What is bailee insurance

Bailee insurance fills the gap when your general liability insurance or commercial property insurance isn't applicable. A bailee policy is a form of inland marine insurance that covers damage or loss of the customer's property if something happens while it's in your care.

What is benefit to Bailee?

No benefit to the bailee is a common condition found in property insurance policies. It says that a bailee, who has the insured's property in its care, custody, and control, does not receive any coverage from the insured's insurance policy. A bailee is expected to have their own insurance.

What is a bailee provision?

The provision is intended to prevent a bailee from recovering any portion of insurance proceeds in the event that, for example, property under the control of a bailee is damaged, lost, or stolen.

What is the responsibility of an ordinary bailee for loss or damage?

What is the responsibility of an ordinary bailee for loss or damage? Responsible for loss or damage due to negligence or fault. What is the responsibility of a virtual insurer? Liable for loss or damage of goods in custody under any circumstances.

What is an annual transit policy?

Transit insurance policy or inland transit insurance is a simple and convenient mode of covering the risk of business goods or personal belongings of the insured's while in transit on land. Its premium is based on the value of goods in transit; and the amount of risk the insured is bearing during that period.