Sports Insurance Glossary : Letter B
Bind Order - The oral or written acceptance of a quotation of insurance by the insured party.
Binder - A written document reflecting immediate insurance protection, valid for a specified period of time. Designed to provide temporary coverage until the actual policy can be issued. The binder provides a summary of coverage to be provided by the policy, along with pertinent information such as limits and coverages.
Blanket Coverage - A blanket form is one in which property is insured under a single amount applying to several different pieces of property rather than a specific amount of insurance on each property.
Bodily Injury Liability Insurance - This coverage protects an insured against legal action (liability) for injury to another person arising from an accident or occurrence.
Boiler & Machinery - Mechanical Breakdown - This form of insurance provides mechanical breakdown coverage generally not available under any other insurance policy. This provides protection against the catastrophic effects of property loss, such as a steam boiler explosion or an expensive breakdown of machinery and equipment. This includes more than just boilers and steam vessels, but also includes refrigeration equipment, air conditioning equipment, various types of piping, turbines, engines, pumps, compressors, blowers, gearing, shafting, electric motors, generators, transformers, and assorted other types of mechanical and electrical equipment.
Bound - The past tense of bind, an account that has already had the quotation of coverage accepted by the insured party.
Broadened Coverage Form - Commercial General Liability - This endorsement to the Commercial General Liability Policy form expands coverage or provides additional coverage(s) in the following manner:
- Exclusion a. is amended to include coverage for reasonable force to protect persons or property.
- Coverage for Non-Owned Watercraft is extended to include watercraft up to 51 ft. in length.
- Coverage for cost of bail bonds is increased from $250 to $1000.
- Coverage for the reasonable costs incurred by the insured at our request is increased from $250 to $500.
- Coverage for newly acquired or formed organizations is increased from 90 days to 180 days.
- Coverage is automatically provided for an Additional Insured that is:
- a person or organization to whom you are obligated by virtue of a valid written contract, but only with respect to your activities or operations
- a person or organization that is a lessor or equipment leased to you
- Knowledge of Occurrence definition added
- Unintentional Error or Omission definition added
- Waiver of Right of Recovery provision added
- Bodily Injury definition is redefined to include mental anguish, mental injury, shock, fright, humiliation, or emotional distress.
- Personal Injury definition redefined to:
- False Arrest, detention or imprisonment;
- Malicious prosecution or abuse of process;
- Wrongful eviction from, wrongful entry into, or invasion of the right of private occupancy of a room dwelling or premises that a person occupies, committed by or on behalf of its owner, landlord or lessor;
- Any publication of materials, including but not limited to oral, written televised, videotaped or electronically transmitted publication of materials that slander or libels a person or organization or disparages a person's or organization's goods, products or services;
- Any publication of materials, including but not limited to oral, written, televised, videotaped or electronically transmitted publication of material that violates a person's right of privacy;
- The use of another's advertising idea in your "advertisement"; or
- Infringing upon another's copyright, trade dress or slogan in your "advertisement".
- Damage to premises rented to you is expanded to both fire and explosion.
- Fire Damage Legal Liability coverage is increased from $50,000 to $300,000.
Business Income - Coverage for loss of income in case the insured's business is shut down by a covered cause of loss. It often pays for such expenses as the rebuilding of an accounts receivable data base, cleaning computers, leasing temporary office space, and similar losses associated with a disaster.
Business Interruption Insurance - (See Business Income above)