Glossary

Bancassurance is the marketing and sale of insurance products through bank distribution channels.

An informal, noncontractual multiyear summing up of the total premiums ceded to reinsurers less losses paid by reinsurers over the duration of a reinsurance program—usually a catastrophe program.

Bankers professional liability (BPL) Insurance (BPLI) is a type of errors and omissions (E&O) coverage written for banks and financial institutions.

Bankruptcy condition is a common insurance policy condition that prevents an insurer from being relieved of its obligations in the event of bankruptcy or insolvency of the insured or the insured's estate.

With a bareboat charter, the vessel owner and a charterer (an individual or company chartering a vessel) agree that the charterer assumes complete responsibility for the vessel and its operation over the course of the charter.

Bare walls coverage is one of three approaches used for condominium insurance coverage, with the condo association policy only insuring the bare walls.

A flat-bottomed boat built mainly for river and canal transport of heavy goods is called a barge.

Barratry involves the severe misconduct by the captain or crew of a vessel, including but not limited to fraudulent and criminal acts that cause loss or damage to the vessel or its cargo.

The Basel Committee on Banking Supervision is a commission established in 1988 to develop a risk-based standard for the amount of capital held by banks.

Basic causes of loss form is one of the three Insurance Services Office, Inc.(ISO), commercial property insurance causes of loss forms. Causes of loss forms establish and define the causes of loss (or perils) for which coverage is provided. The basic causes of loss form (CP 10 10) provides coverage for the following named perils: fire, lightning, explosion, smoke, windstorm, hail, riot, civil commotion, aircraft, vehicles, vandalism, sprinkler leakage, sinkhole collapse, and volcanic action. The other two causes of loss forms are the broad causes of loss form (CP 10 20) and the special causes of loss form (CP 10 30).