AI Overview
A bailee is a person or business that has temporary possession of another party's property for storage, maintenance, or transportation. Bailee insurance, also known as bailee's customer insurance, protects the bailee from liability if the property is damaged or lost while in their care.
Bailee insurance is important because general liability and commercial property insurance typically don't cover items that are in the bailee's care, custody, and control. For example, if a laundromat has a fire and ruins a customer's clothes, the laundromat would be liable for the cost of replacing the clothes without bailee insurance.
Bailee insurance can be beneficial for businesses in many industries, including:
computer repair, storage, trucking, furniture, jewelry, auto repair, and pet care.
There are several types of bailee coverage, including unlimited bailee, damage in-process bailee, and mysterious disappearance bailee. Bailee insurance policies typically don't cover losses caused by insects or rodents.
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