What does Bailment mean? Read on to discover the definition & meaning of the term Bailment - to help you better understand the language used in insurance policies.
Bailment is when a bailor gives temporary possession of a property to another party, the bailee, for a specific period of time. Bailees often purchase bailee's customer insurance to insure the assets that are temporarily under their care.
We hope the you have a better understanding of the meaning of Bailment.