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An individual or business that has been given temporary custody of another's property for the purpose of providing a service.


Building Code Effectiveness Grading Schedule. A classification of communities by the Insurance Services Office based on how well they have implemented and enforced building codes in their community.


The person or party named by the owner of a life insurance policy to receive the policy benefit.


Written acknowledgement that insurance applied for is in force, whether or not the premium had been paid or the policy issued.

Blanket property coverage

Blanket insurance can provide coverage under a single limit for the following:

Boiler and machinery insurance

Even if you do not own a boiler, you may need this coverage. The term "boiler and machinery insurance" is gradually being replaced with terms such as "equipment breakdown" or "mechanical breakdown" coverage. This insurance provides coverage against the sudden and accidental breakdown of boilers, machinery or equipment, including computer systems and telephones/communication systems. Coverage usually includes reimbursement for property damage, expediting expenses (e.g., express transportation charges), and business interruption losses.

Broad form insurance

Coverage for numerous perils.

Builders risk coverage

This provides property insurance for buildings in the course of construction. Depending on the policy, this coverage can be for either the building's value at the time of loss or its full value at the time of completion.

Building ordinance coverage

Provides coverage when a community has a building ordinance stating that when a building is damaged to a specified extent (usually 50%), it must be completely demolished and rebuilt in accordance with current building codes rather than repaired. Special attention is required when establishing the amount of insurance.

Business interruption insurance

This covers the loss of earnings as a result of damage or loss of business property. Reimbursement for salaries, taxes, rents, and other expenses plus net profits that would have been earned during the period of interruption can be included.

Business Owner Policy (BOP)

An insurance bundle or package that combines the basic property and liability coverages required by a business owner into a single policy. It is usually sold at a premium that is less than if the individual coverages were purchased separately. Business Owners Policies are appropriate for select, homogenous groups of small and medium-sized businesses.

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