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Caib 2 - Chapter 5 Questions And Answers With Verified Solutions 100% Correct!!!
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Caib 2 - Chapter 5 Questions And Answers With Verified Solutions 100% Correct!!!
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Caib 2 - Chapter 5 Questions AndAnswers With Verified Solutions 100%
Correct!!!
Define "Bailee for Hire" - ANSWER✔✔person or organization who has temporary
custody of the personal property of another for a purpose other than sale and who
is compensated as a condition of such custody
3 Types of Bailees and 1 example - ANSWER✔✔1) Repair of Personal Property;
TV Repair Shop 2) Storage of Personal Property; Storage Warehouse 3) Delivery
of Personal Property; Courier Service
Define "Ordinary Care" - ANSWER✔✔the requirement to take care of someone
else's property the same way a prudent and diligent person would take care of their
own similar property
When could bailees be held responsible for damage to customers' property? -
ANSWER✔✔Bailees may be responsible to customers property when negligent in
common law or in contract
Other than stock coverage found on Bailee's commercial property policies, what
are 2 other policies that could be used to insure customers property? -
ANSWER✔✔1) Separate policy covering legal liability of bailee 2) Specialized
policy insuring customers property which ignores requirement for legal liability
Define "Common Carrier" - ANSWER✔✔transportation companies that will
provide transportation services to any person needing their services
, What is the general rule regarding the responsibility of common carriers? -
ANSWER✔✔They are responsible for the safe delivery of property in their care
5 Losses where common carriers will not be held responsible - ANSWER✔✔1)
Acts of god, reasonably foreseen 2) Acts of public enemy 3) Acts of public
authority 4) Neglect or default of shipper 5) Inherent vice of property transported
What documents are used by common carriers to limit their liability to owners? -
ANSWER✔✔Bills of Lading
Describe "Released Bill of Lading" - ANSWER✔✔Removes carrier from any
responsibility for the shipment
Define "Contract Carrier" - ANSWER✔✔Will carry the goods of contracted
customers only
Define "Private Carrier" - ANSWER✔✔Carry their own goods or goods given to
them as bailees
When does coverage begin and end when insured by a Transportation Floater
Broad form - ANSWER✔✔coverage begins when property leaves the premises
and continues until property is unloaded at final destination
When would an insured purchase a Trip Transit Policy? - ANSWER✔✔When they
only require coverage for a single shipment
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