For informational purposes only. Refer to your policy or ask your agent for the exact definition of any term defined in your policy. An individual or entity who holds property of another.
Examples are dry cleaners, jewelers, repairers.
Bailee insurance is inland marine coverage on property entrusted to the insured for storage, repair, or servicing. It is typically purchased by businesses such as dry cleaners, jewelers, repairers, furriers, etc. An action of the master of a ship which violates the trust given to him, provided such action is not taken in connivance with the shipowner. Hazard covered in the marine cargo policy . The person or entity designated or provided for by an insurance policy's terms to receive any benefits provided by the policy or plan upon the death of the insured.