Insurance Glossary

Covers banks against loss from employee dishonesty, burglary, robbery, etc and other perils.

Builders All Risks

Bankers Blanket Bond covers banks against loss from employee dishonesty, burglary, robbery, etc and other perils.

Burning Cost

Can stand for either Business Interruption or Bodily Injury

Usually in written form but can be oral as well this is an agreement to provide coverage, acting in fact like a temporary policy until such time that the policy documents themselves have been drawn up. Striving for contract certainty should reduce the necessity of using binders.

Also called Machinery Breakdown. Covers loss to the equipment itself, damage to other property, business interruption or all three following an insured peril.

Broker of record letter

A broker of record letter (BORL) is a written statement signed by an insured advising an insurer that a particular broker or agent shall act as the insured’s representative.
Wordings and usage of these BORL's differ substantially from country to country and, in some countries, will depend on the situation at hand.