Business Insurance - A policy, which primarily provides coverage of benefits to a business as, contrasted to an individual. It is issued to indemnify a business for the loss of services of a key employee or a partner who becomes disabled
Bailee - One who has custody of the property of another. Bailees "for hire" have 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.
Beaching - Voluntary stranding of a vessel.
Berth - Area allocated at quayside to a particular shipping service or company for berthing or a point to which a chartered ship is ordered to load or discharge or operating a service.
Bill of Exchange - It is the bill drawn by exporter against the importer.
Bill of Lading - Receipt for goods shipped on board a ship signed by the person who contracts to carry them, and stating the terms on which the goods are carried.
Binding Receipt - A receipt given for a premium payment accompanying the application for insurance. If the policy is approved, this binds the company to make the policy effective from the date of the receipt.
Blanket Contract - A contract of health insurance affording benefits, such as accidental death and dismemberment, for all of a class of persons not individually identified. It is used for such groups as athletic teams, campers, travel policy for employees, etc.
Bonded goods - Goods on which duty has not been paid ,are held in a bond by the customs in a bonded warehouse. Bonded value means the value of the goods whilst in bond and may be used in place of gross value where bonded goods are damaged and are the subject of a claim.
Bordereau - An itemized statement of transactions, commonly used in reinsurance.
Breach of condition - when the assured breaks a condition of the insurance contract, the insurer may avoid the contract from the inception.
Broker - A marketing specialist who represents buyers for insurance and who deals with companies in arranging for 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, or grain.
Burglary - It is a theft committed by breaking into or out of the premises. Evidence of breaking in or out, 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.