Glossary

The bodily injury (BI) by accident—policy limit—is the most the insurer will pay under part two of the workers compensation policy, employers liability, for all claims because of BI to one or more employees from any one accident.

Bodily injury (BI) by disease—each employee limit—is a policy limit within part two, employers liability, of the workers compensation policy establishing the most the insurer will pay for damages due to BI by disease to any one employee.

The bodily injury (BI) by disease—policy limit—is the most the insurer will pay under part two of the workers compensation policy, employers liability, for all claims because of BI by disease during the policy period, regardless of the number of employees who sustain BI by disease.

Boilerplate language is widely used, standard clauses or provisions that are often found at the end of a contract or in the contract's fine print.

A bond is a three-party contract under which the insurer (the surety) guarantees another's conduct for the benefit of a third party. Bid bonds, payment bonds, and performance bonds are the most common type of surety bonds, and fidelity bonds are a common form of crime bond.

A "bondability letter" is provided by a surety to potential obligees in connection with the prequalification process to verify that the principal will be able to provide the required bond for the project.

Bonding is the process by which bonds are written, which typically includes an in-depth review of the obligor.

Book value refers to the value of an organization's assets as carried on the balance sheet in accordance with generally accepted accounting principles (GAAP).

Boom coverage is physical damage coverage for the boom of a crane, generally added as an endorsement to the contractors equipment floater.

A bordereau is a report providing premium or loss data with respect to identified specific risks.