Bailee Insurance Coverage 101
Bailee Insurance Coverage protects your business when you have a client’s property in your possession for storage, repair or servicing, your exposure to the risk of damage is significant. Contents coverage included in your Commercial Property policy applies only to your property, and General Liability policies typically exclude claims for loss or damage to others’ property that is “in your care, custody or control”.
Bailee Insurance Coverage is specific to the type of business and the techniques used to service or store property, the financial consequences of loss or damage to a customer’s property may be substantial.
Who Needs Bailee Insurance Coverage and What Does Bailee Insurance Coverage Cover?
A Bailee Insurance Coverage policy is an important way for bars, nightclubs, restaurants, cleaners, repairers, warehouses, hospitality organizations and other businesses that work on or hold customers’ possessions to protect themselves from this risk. This policy can cover losses to customers’ property due to perils may but are not limited to:
- Fire
- Lightning
- Theft
- Burglary
- Robbery
- Windstorm
- Explosion
- Collision
- Floor
- Sprinkler leak
- Earthquake
- Strike
- Damage or destruction during transit
There are several Bailee Insurance Coverage options available that can cover your business even if you are unable to accurately estimate the value of your customers’ property or if you are at fault for the loss, which includes the following:
Unlimited Bailee Insurance Coverage – By purchasing Unlimited Bailee Insurance Coverage, you will eliminate the need to accurately estimate the value of the property you would like to insure.
Damage in Process Bailee Insurance Coverage – This option provides coverage for operator errors when repairing or servicing an item.
For Instance:
- A product may become contaminated
- Goods may disappear
- Product may break
- Poor maintenance may cause damage.
Mysterious Disappearance Bailee Insurance Coverage – This option provides coverage if you misplace a customer’s property.
To Learn More About Bailee Insurance Coverage Speak To An ALIGNED Insurance Advocate Or Connect With Us Today At www.alignedinsurance.com.
