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Caib 2 Study Notes; Chapter 5 Questions And Answers With Verified Solutions Rated A+
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Caib 2 Study Notes; Chapter 5 Questions And Answers With Verified Solutions Rated A+
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Caib 2 Study Notes; Chapter 5Questions And Answers With Verified
Solutions Rated A+
1. For repair or performance of work
2. For safekeeping or storage
3. For delivery to others - ANSWER✔✔Identify three reasons why a bailee may
have temporary custody of the personal property of another
1. Television, appliance, small engine repair shop
2. Dry cleaners
3. Storage warehouses - ANSWER✔✔Identify three examples of business who
have Bailee's for hire
There is a legal duty upon a Bailee for hire to take the same care of the goods of
others as would be taken by a prudent and diligent owner of such goods -
ANSWER✔✔Briefly explain the level of ordinary care to be exercised by a Bailee
When Bailee has possession of valuable property such as jewellery or furs, there
would be greater level of care (vs. Harvested wheat) - ANSWER✔✔Briefly
explain how the level of ordinary care may vary by the type of Bailee
1. Bailee liable for customers property when ordinary care breached because of
negligence
2. Bailee may assume additional liability for customers property under contract -
ANSWER✔✔Identify two ways a Bailee may be responsible for the goods to
others
, 1. Include value of customers property in amount for stock provided by their
commercial property policy
2. Purchased separate policy insuring the legal liability of Bailee for loss
3. Purchase a specialized Bailee's customers policy - ANSWER✔✔Identify three
ways Bailee's can insure their legal and contractual responsibility for damages to
customer goods
1. Existing clients having in-coming and out-going shipments
2. Moving and storage companies
3. Trucking and delivery firms - ANSWER✔✔Identify three examples of clients
who may need inland transportation insurance
1. The owner of the property
2. The carrier - ANSWER✔✔Identify the two parties who may have a insurance
interest in property in the course of transit
Whether the owner of carrier would be responsible for loss to the property, and to
what extent - ANSWER✔✔Identify how the decision of who should purchase
insurance on property in transit is determined
1. Common carriers
2. Contract carriers
3. Private carriers - ANSWER✔✔Identify the three types of carriers which can be
used to transport goods to owners of shippers
1. Acts of God or natural phenomena not reasonably foreseeable
2. Acts of public enemies
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