Flashcards
CAIB 2: Chapter 5 Key Terms
Cards in this deck (9)
- 1Bailee for hireis one 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
- 2Ordinary Carethe legal duty imposed upon bailees which requires them to take the same care of the goods of others as would be taken by a prudent and diligent owner of such goods.
- 3Common carrierincludes airlines, railroads, trucking companies and others that furnish transportation to any member of the public seeking their services
- 4Standard (Ordinary)bill of lading used to reflect the amount for which the common carrier will be held legally liable under the tariff
- 5Valued bill of ladingserves to increase the carrier's liability - normally requested by the owner of goods when their value exceeds the value stated in the Standard Bill of Lading
- 6Released Bill of ladingbill of lading used to release a carrier from any liability for the goods being transported
- 7Contract carrierone that carries, for pay, the goods of certain customers only as contrasted to a common carrier that carries the goods of the public in general.
- 8Private carrierones who haul their own goods or goods entrusted to them as bailees or lessees and includes shipper who own or lease their vehicles and carry their own goods
- 9Catastrophe limitthe maximum amount an Insurer will pay in only one disaster or occurrence.
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- 2 CAIB Flashcards on CAIB 2: Chapter 5 Key Terms, created by katiejerez on 03/03/2016.
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