Bailee's Customers Insurance provides coverage for legal liability resulting from damage or destruction of bailor's property while under bailee's temporary care, custody, and control. It includes property on or in transit to and from the bailee's premises.
Bailment refers to the delivery of goods by the owner (known as the bailor) to a recipient (known as the bailee) under the agreement that the goods will be returned to the owner or otherwise disposed of according to the owner's directions. This arrangement can be made for various reasons such as lending, hiring, depositing for safekeeping, or pledging as collateral.
A bailor is the party who temporarily transfers possession of property to another party, known as the bailee, while retaining ownership.
