Bancassurance is the marketing and sale of insurance products through banking distribution channels. This process allows banks and insurance companies to find new customers and create additional products through expanded distribution channels. As consumer demand becomes more specialized and financial services companies continue to merge, these types of strategic associations and their products will become more prevalent.
The bank is an informal, non-contractual, multi-year aggregation of the total premiums ceded to reinsurers less losses paid by reinsurers during the life of a reinsurance program, usually a catastrophe program. For example, a $10,000 premium rebate for each of 5 break-even years would amount to a $50,000 pot.
Bankers’ professional liability (BPL) insurance (BPLI) is a type of error and omission (E&O) coverage written for banks and financial institutions. The policies cover economic losses arising from errors made in the provision of financial services, including but not limited to acting as a wire transfer or escrow agent; specialist in consumer financial, tax or property planning; trustee under a bond agreement; provision of electronic data processing services. Although the term “bankers’ professional liability insurance” (BPLI) is often used interchangeably with “trust department error and omission liability insurance”, the latter is actually a subset of BPLI. This is because liability coverage arising from the bank’s trust department is just one of many types of insurance provided under the BPLI forms.
Bankruptcy is a normal condition of an insurance policy that does not allow the insurer to be released from its obligations in the event of bankruptcy or insolvency of the insured person or his property.
Bare wall insurance is one of three approaches used for condominium insurance coverage. Under the “bare walls” approach, the condominium association insures only the bare structure of a single condominium building; structure, adaptations and furnishing of territories under collective ownership; and the association’s personal property, which is collectively owned. Under this methodology, individual unit owners are responsible for insuring building assets they own and use exclusively, such as sinks, built-in wardrobes, appliances, floors, and wallpaper (along with any upgrades and upgrades) in their individual owner-owned units. (HO) 6 or form of owners of premises. The other two methods of coordinating this coverage are the One Person Coverage and the All Inclusive Coverage. The rules and agreements of the condominium association usually specify which approach is required.
A bareboat charter is an agreement between a shipowner and a charterer (the individual or company chartering the vessel) which, in effect, places the charterer in full responsibility for the vessel and its operation during the charter. The charterer is also usually responsible for the control and payment of the ship’s crew.
A barge is a flat-bottomed vessel designed primarily for transporting heavy loads along rivers and canals. Most barges are not self-propelled and are moved by tugs or tugboats.
Barratry is serious misconduct by the captain or crew of a ship, including but not limited to fraudulent and criminal acts that result in loss of or damage to a ship or its cargo.
The Basel Committee on Banking Supervision is a commission established in 1988 to develop a risk-based standard for the amount of capital held by banks. The original formula requires banks to hold 8 percent of capital against credit risk on a weighted basis with 100 percent weighting (all 8 percent) for most loans. The Commission, headquartered in Switzerland, is made up of representatives from banking supervisors and central banks from Europe, Scandinavia, the UK and the US.
Top Causes of Loss The form is one of three Office, Inc. insurance services. (ISO), forms of commercial property insurance causes loss. The loss cause forms establish and define the cause of the loss (or hazard) for which coverage is provided. The Root Causes of Loss form (CP 10 10) covers the following named hazards: fire, lightning, explosion, smoke, storm, hail, riot, civil unrest, aircraft, vehicles, vandalism, sprinkler leakage, crater collapse, and volcanic eruption. action. Two other loss form causes are general loss form causes (CP 10 20) and specific loss form causes (CP 10 30).