Glossary

In the oil and gas production industry, blowout and cratering refers to uncontrolled eruption of oil, gas, water, or drilling fluid from a well that is in the process of being drilled (blowout) or to the caving in of a well that has already been drilled.

A blowout prevention warranty is a provision found in oil and gas well drilling equipment coverage forms that makes the use of blowout preventers (high-pressure valves that facilitate control of an oil well) on covered equipment a condition of coverage.

Blue book refers to the regulatory report filed by life, accident, and health insurers in the United States, named for its cover.

A blue plan is a name for either Blue Cross or Blue Shield or an organization usually writing a service rather than a reimbursement plan.

Boards and bureaus is the name given to that part of an insurer's acquisition expense, the amount of premium allocated to pay for participation in rating agencies and for filing policies for approval by regulators.

Board committees are formed by members of a corporate board of directors in order to address a particular aspect or feature of the corporation.

The boatowners policy is the most common type of watercraft policy for individuals and families.

A truck/tractor operating without a trailer or semitrailer.

Bobtail liability is the term coined to apply to auto liability coverage for an owner/operator after a load has been delivered and while the truck is not being used for trucking purposes.

Bodily injury (BI) is a liability insurance term that includes bodily harm, sickness, or disease, including resulting death.