Unit 12 Commercial Inland Marine Insurance

Question 1

Bailee’s customer policies

Answer 1

Bail ent is the delivery of property by the owner to someone else to be held for a special purpose, and then to be returned to the owner.

Question 2

Bailee vs bailor

Answer 2

The bailee is the one who receives the property; the one who owns the property (customer) is called the bailor.

Question 3

Contractors equipment floater

Answer 3

Covers the heavy machinery, equipment, and tools a contractor needs to conduct business. It covers the contractor on an open peril or named peril basis for loss to all types of tools, machinery, and equipment owned, rented or borrowed by the insured.