Glossary

Bulk reserves are an amount of reserves established using a formula or loss ratio, rather than specifically identified case reserves.

Bullying is a type of conduct in which one person harasses another person over a time period in a workplace environment.

Bumbershoot is an excess liability coverage for insureds with major wet marine exposures.

The burden of proof is the standard by which a fact or a claim must be proven to prevail in a case.

Burglary is theft of property from within a premises by a person who unlawfully enters or exits from the premises.

The burning cost is the ratio of incurred losses within a specified amount in excess of the theoretical amount of premium it would take only to cover losses.

The businessowners policy, commonly referred to as a BOP, is a package policy that provides both property and liability coverage for eligible small businesses.

A business auto policy (BAP) includes auto liability and auto physical damage coverages; other coverages are available by endorsement.

When a business owner dies, business continuation insurance provides money to ensure the business can continue.

Business continuity management (BCM) is the integrated approach to business continuity planning, emergency response, and crisis management.