Bancassurance  :: Involvement of banks in the traditional insurance market. 

 

Bill of lading  :: Document detailing the transfer of goods from a (foreign) supplier to a buyer. It may be used as a document of title. 

 

Bind :: In property and liability insurance, the agent customarily is given the authority to accept offers from prospective insured’s without consulting the insurer; in such cases, the agent is said to bind the insurer.

 

Blanket insurance  :: A policy designed to provide coverage under a single limit for two or more items (e.g. building and/or contents), two or more locations, or a combination of items and/or locations. 

 

Bonus-malus  :: A bonus-malus system is a No-claim Bonus (or No-claim Discount) system in which the premium level reached after a policyholder has made claims may be higher than that corresponding to the point of entry. The term is used throughout Continental Europe and elsewhere. 

 

Break Bulk  :: Carriage of goods other than by container. 

 

Broker  :: A marketing specialist who represents buyers of insurance and who deals with companies in arranging for the coverage required by the customer. 

 

Burglary  :: Breaking and entering into another person's property with felonious intent. 

 

Burning Ratio :: The ratio of losses suffered to the amount of insurance in effect.

 

Business Income Insurance :: Coverage for the reduction in revenue in the event of an insured peril.

 

Business Interruption Insurance  :: Protection for a business owner against losses resulting from a temporary shutdown because of fire or other insured peril. The insurance provides reimbursement for lost net profits and necessary continuing expenses.