Glossary

Building rate is the rate charged for property insurance on a building as opposed to the rate charged for property insurance on the contents of a building.

A bulk carrier is a ship used to transport bulk cargo, such as coal, ore, and grains.

Bulk reserves are an amount of reserves established using a formula or loss ratio, rather than specifically identified case reserves.

Bullying is a type of conduct in which one person harasses another person over a time period in a workplace environment.

Bumbershoot is an excess liability coverage for insureds with major wet marine exposures.

The burden of proof is the standard by which a fact or a claim must be proven to prevail in a case.

Burglary is theft of property from within a premises by a person who unlawfully enters or exits from the premises.

The burning cost is the ratio of incurred losses within a specified amount in excess of the theoretical amount of premium it would take only to cover losses.

The businessowners policy, commonly referred to as a BOP, is a package policy that provides both property and liability coverage for eligible small businesses.

A business auto policy (BAP) includes auto liability and auto physical damage coverages; other coverages are available by endorsement.