BANKERS’ BLANKET BOND:
This is a package product incorporating various insurances relevant to the banking and finance industries.
BLOODSTOCK OR LIVESTOCK:
The insurance of animals for risks of death by accident, sickness or disease.
BOILER AND PRESSURE VESSEL EXPLOSION:
Covers loss or damage due to explosion or collapse of boilers and other pressure vessels that normally require a certificate of compliance before being used. The policy also covers liability for resultant third party property damage or bodily injury.
BONDS:
A surety bond is a contract of guarantee which has three parties:
- The surety or guarantee, ie the Insurance Company.
- The person who is to perform the subject matter of the bond, ie the Contractor.
- The person in whose favour the bond is issued, ie the Owner or Obligee.
Under a bond, the surety undertakes to hold itself responsible up to the specified amount for the non performance or malperformance of an expressed obligation, ie the obligation of the Contractor.
BURGLARY AND/OR THEFT:
Burglary coverage is restricted to theft following break-in or committed by persons concealed on the premises. Theft cover is not dependent on either of those characteristics (and as a result, if available, is normally more expensive).
BUSINESS INTERRUPTION:
(Loss of Profits, Consequential Loss): Covers loss of gross profit or revenue, to maintain the continuing or fixed costs of a business and increased working costs incurred to avoid or diminish a reduction in the business results and profitability following loss of or damage to property.