Bailment refers to the temporary transfer of possession of goods from one party, the bailor, to another, the bailee, with the condition that the goods are returned to the bailor or disposed of according to instructions.
This concept is important in the insurance world because it can influence liability and coverage in case of loss or damage to the goods.
Understanding the concept of bailment is crucial when choosing an insurance policy, as it can affect coverage in the event of damage or loss of goods.
If you are involved in a bailment agreement, it’s important to ensure that your goods are adequately protected under your insurance or consider a specific policy for such situations.
As an insurance company, we sincerely want to help you navigate your coverage. However, we want to clarify that we cannot be responsible for any damages that occur due to a bailment contract.
We are here to protect your belongings, like your vehicle, and you while you use it. However, we cannot take responsibility for covering it if you lend it to someone else who is not listed on the declaration page.
We know that insurance and contracts can sometimes feel overwhelming, and it’s completely normal to have questions. We encourage you to reach out for clarification whenever you need it. If you have any questions or concerns, please don’t hesitate to reach out to your trusted agent. Your agent is here to support you and ensure you fully understand your coverage options. Remember, you’re not alone in this process—your peace of mind is our top priority, and we’re here to help you every step of the way!
Need More Help?
If you couldn’t find what you were looking for, remember that at PSIC we have an available AI assistant!
Learn more about insurance in the resources section. Find safety tips, money-saving options, do’s & don’ts, news, and much more information.
Get monthly news and useful insights by subscribing to our monthly newsletter.
By submitting this form you confirm that you agree to PSIC’s privacy policy.
With more than 40 years of trajectory, we have the expertise to accompany you in every stage of your life.
Customer support: 800-303-5000
Claims support: 800-962-1172
5515 E. La Palma Ave. Ste. 150, Anaheim, CA 92807
Copyright © McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. 17486061 The insurance policy, not the contents of this website, forms the contract between the insured and the insurance company. The policy may contain limits, exclusions and limitations that are not detailed on this website. Coverage may differ by state.
Privacy Notice at Collection for CA employees
Last updated: June 27, 2023
We take the privacy of our employees and applicants very seriously. Please read this notice carefully as it contains important information on the personal information that we collect, why we collect it, how long we keep it, and that it is not sold to third parties.
Other terms used but not defined will have the meaning set forth in the CCPA, as amended by the CPRA, Cal. Civ. Code §§ 1798.100—1798.199.100, and accompanying regulations set forth under Cal. Code Regs. tit. 11, § 7000 et seq.
Categories of Personal Information Collected
Purposes for Collecting and Using Your Personal Information
Managing Human Resource Functions:
Conducting business operations:
Monitoring:
Compliance with:
Investigating:
We will not retain your personal information for longer than necessary for the purposes set out in this notice. Different retention periods apply for different types of personal information.
When it is no longer necessary to retain your personal information, we will delete or anonymize it.