Insurance Glossary - Terms B

Bailee

A bailee is a person or business entrusted with someone else’s property, such as a dry cleaner or repair shop. Viera Insurance Agency helps bailees secure insurance that protects against loss or damage to the property in their care.

Benefit

A benefit refers to compensation or services provided under an insurance policy, such as medical treatment or income replacement. Viera Insurance Agency assists clients in maximizing the benefits available through their policies.

Betterment

Betterment refers to improvements made to property that increase its value. Viera Insurance Agency explains how betterment may impact claims, particularly for auto or property repairs.

Blanket Insurance

Blanket insurance provides coverage for multiple properties, items, or risks under a single policy. Viera Insurance Agency helps clients simplify their coverage needs with blanket policies.

Blanket Position Bond

A blanket position bond covers losses caused by dishonest acts of employees, regardless of their specific roles. Viera Insurance Agency recommends this bond for businesses seeking protection from internal fraud.

Bodily Injury

Bodily injury involves physical harm to a person, often covered under liability policies. Viera Insurance Agency ensures clients understand their bodily injury liability limits and coverage options.

Boiler and Machinery Insurance

Boiler and machinery insurance covers damages to equipment and machinery, including repair costs and financial losses from breakdowns. Viera Insurance Agency helps businesses secure comprehensive boiler and machinery coverage.

Bond

A bond is a financial guarantee ensuring obligations are met, often required in business transactions. Viera Insurance Agency provides guidance on obtaining the right bonds for specific needs.

Bond, Bid

A bid bond guarantees that a contractor will honor a bid and sign a contract if awarded. Viera Insurance Agency connects contractors with bid bonds to support their business operations.

Bond, Blanket

A blanket bond provides coverage for multiple employees or risks under one agreement. Viera Insurance Agency offers solutions tailored to businesses requiring this level of coverage.

Bond, Performance

A performance bond guarantees the completion of a project as agreed. Viera Insurance Agency supports businesses in securing performance bonds for contractual compliance.

Bond, Public Official

A public official bond protects against losses caused by a public official’s misconduct. Viera Insurance Agency assists government entities and officials in obtaining this essential bond.

Bordereau

A bordereau is a detailed report summarizing insurance transactions, often used in reinsurance. Viera Insurance Agency ensures businesses working with reinsurers understand this documentation.

Builder’s Risk

Builder’s risk insurance protects construction projects from damages during the building process. Viera Insurance Agency helps contractors and property owners secure this vital coverage.

Burglary

Burglary involves unlawful entry with the intent to commit theft. Viera Insurance Agency offers burglary insurance to safeguard homes and businesses against such incidents.

Business Interruption

Business interruption insurance compensates for lost income and operating expenses during unforeseen disruptions. Viera Insurance Agency advises businesses on choosing policies to maintain financial stability.

Business Necessity

Business necessity justifies decisions or policies essential for operations, often referenced in liability or employment practices insurance. Viera Insurance Agency ensures businesses align their policies with industry standards and legal requirements.