What is Bailee Insurance?
Bailee insurance is insurance coverage that protects a person or business that temporarily holds the property of others to perform a service, such as a repair or storage. The policy provides coverage for damage to the property while it is in the bailee's care, custody, and control, whether the damage was caused by the bailee's negligence or other causes such as fire, theft, or vandalism. Bailee insurance can be purchased by businesses that offer services such as dry cleaners, art galleries, or repair shops. The coverage is designed to protect the business from liability and financial loss in the event of property damage.
Subscribe to The Shield
A bite-sized newsletter outlining industry insights & best practices for high-growth companies.