Insurance Acronyms

B

• BACM - best available control measures (term used by the Environmental Protection Agency (EPA) for the most effective tools, methods, or means available for controlling small or dispersed particulates from sources such as roadway dust, soot, and ash from wood stoe, as well as open burning of brush, timber, grasslands, or trash)
• BAP - Business Automobile Policy (commercial insurance coverage for automobiles used by a business when a liability judgment arises out of the use of the automobile, or the automobile is subject to damage or destruction - the BAP policy has largely been replaced by the Business Auto Coverage Form)
• BAPCPA - Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ()
• BBB - banker's blanket bond (fidelity bond (insurance coverage) purchased from an insurance broker that protects a bank against losses from a variety of criminal acts, including dishonest acts of its employees, fraud, robbery, burglary, and forgery)
• BBB - Better Business Bureau (organization which promotes standards of business conduct for business organizations and attempts to protect consumers and the public)
• B&C - building and contents ()
• BCAR - Best's Capital Adequacy Ratio (financial benchmark from A.M. Best that is intended to provide an indication as to whether a company has adequate capital to cover its insurance and other risk exposures)
• BCBS - Blue Cross and Blue Shield Plans (business health insurance plans offered to employees, which traditionally, were not-for-profit plans providing basic insurance coverage, but have expanded to offer additional plans, such as health maintenance organizations (HMO) and preferred provider organizations (PPO))
• BCBSA - Blue Cross and Blue Shield Association ()
• BCE - Bermuda Commodities Exchange ()
• BCEGS - Building Codes Effectiveness Grading Schedule (a schedule developed by Insurance Office Services, Inc. (ISO), that categorizes communities according to the adequacy of their building codes and the effectiveness of building code enforcement)
• BCM - business continuity management (an integrated approach to business continuity planning, emergency response, and crisis management, which involves the development and management of strategies, plans, and actions that provide protection or alternative means of operation for those business activities or processes that, if interupted, could threaten corporate survival)
• BCP - business continuity plan (a written document summarizing steps to take in the event of a disaster, whether manmade or natural, assessing the business's ability to revover from the loss event and subsequent business interruption)
• BCSP - Board of Certified Safety Professionals ()
• BDAT - best demonstrated available technology (the most effective commercially available means of treating specific types of hazardous waste, as identified by the Environmental Protection Agency (EPA))
• BELRIM - Belgian Risk Management Association
• BERP - Basic Extended Reporting Period (the 60-day and 5-year extended reporting periods (ERPs) automatically provided to the insured by the 1986 Insurance Services Office, Inc. (ISO), claims made commercial general liability (CGL) policy in certain circumstances, such as cancellation or non-renewal)
• BFCGL - broad form comprehensive general liability endorsement (a comprehensive endorsement to be attached to pre-1986 editions of the standard general liability policy that provided coverage enhancements including a blanket contractual liability)
• BFPD - broad form property damage endorsement (the liability exposure represented by the risk of loss to property in a contractor's care, custody, or control (CCC) or on which contracted operations are being performed)
• BGIC - Bullet Guaranteed Investment Contract (type of guaranteed investment contract (GIC) under which a single payment is made into an account of an insurance company where it will remain for a stipulated number of years)
• BI - Bodily Injury (physical damage to one's person; liability insurance term that includes bodily harm, sickness, or disease, including resulting death)
• BI - Bodily Injury liability (legal liability that may arise as a result of the injury or death of another person)
• BI - Business Income coverage form (commercial property form/coverage for indirect losses resulting from property damage, such as loss of business income and extra expenses incurred - has replaced the earlier business interruption and extra expense forms)
• BI - Business Interruption (break in commercial activities due to the occurrence of a peril)
• BI - Business Interruption coverage (term formerly used to refer to insurance covering loss of income suffered by a business when damage to its premises by a covered loss causes a slowdown or suspension of its operations during the time required to repair or replace the damaged property - replaced by business income coverage)
• BIC (or BI) - Business Income coverage (insurance covering loss of income suffered by a business when damage to its premises by a covered loss causes a slowdown or suspension of its operations during the time required to repair or replace the damaged property - previously referred to as business interruption (BI) coverage)
• BIF - Bank Insurance Fund (Federal Deposit Insurance Corporation (FDIC) unit providing deposit insurance for banks other than thrifts)
• BIM - building information modeling (a form of modeling using an integrated technology for creating a three-dimensional digital model of the physical and functional aspects of a building from initial design planning through operations - has the advantage of using real data to predict or anticipate potential problems and avoid mistakes through virtual modeling)
• BM (B&M) - boiler and machinery insurance form (equipment breakdown insurance) (coverage for loss due to mechanical or electrical breakdown of nearly any type of equipment, including photocopiers annd computers - boiler and machinery (BM)(B&M) is being replaced by equipment breakdown insurance)
• BOP - Businessowners Policy (insurance policy which is a combination of property, liability, and business interruption policy - usually written for small and medium-sized businesses)
• BOW - breach of warranty clause (a lienholder's or lessor's interest endorsement that causes the policy to continue to protect the financial interest of a lienholder or lessor even when the insured breaches a condition, thereby voiding coverage)
• BPB - Blanket Position Bond (coverage for employee theft of money, securities, or property, written with a limit that applies to each position named in the policy, regardless of the number of individuals holding that position)
• BPF - basic premium factor (factor used in the retrospective formula (retrospective or look-back adjustment which incorporates actual loss experience) to represent expenses of the insurer, such as acquisition, audit, administration, and profit or contingencies, but not taxes)
• BPL - Bankers Professional Liability (liability for errors and omissions (mistakes) which result in economic losses in providing financial services, such as acting as a wire transfer or escrow agent, consumer financial, tax, or estate planner; trustee under a bond indenture; or providing electronic data processing services)
• BPLI - Bankers Professional Liability insurance (a type of errors and omissions (E&O) insurance coverage, written for banks and financial institutions, which covers economic losses resulting from mistakes committed in providing financial services, which can include acting as a wire transfer or escrow agent; consumer financial, tax, or estate planner; and providing electronic data processing services)
• BPPCF - Business and Personal Property Coverage Form (provision for insurance coverage for buildings and personal property within the Simplified Commercial Lines Portfolio Policy (SCLP))
• BPT - branch profits tax (an additional tax of about 30 percent payable on dividend remittances by offshore captives (subsidiaries or agents controlled by a corporation) that are found to be engaged in a trade or business in the United States)
• BR - builders risk policy (a property insurance policy that is designed to cover property while it is being constructed, or in the course of construction)
• BRAC - Base Realignment and Closure ()
• BRIC - Brazil, Russia, India, and China ()
• BTR - below-target-risk (the expected value of unfavorable deviations of a random variable from a specified target level - losses which are unexpected (representing statistical deviations from anticipated losses) or which occur within a level or projected range of likely losses)
• BV - brick veneer (type of building construction material - in contrast to buildings made of wood)