- Bankers Blanket Bond (BBB)
- A comprehensive fidelity and crime insurance package for banks and financial institutions covering employee dishonesty, computer crime, forgery, robbery and in-transit losses under a single policy. A standard requirement in the banking sector globally, often mandated by bank regulators and correspondent banking relationships.
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- Bid Bond İhale Kefalet Senedi
- A bond provided by a bidder to an obligee guaranteeing that the bidder will enter into a contract and provide the required performance bond if awarded the contract. If the bidder wins the tender but refuses to execute the contract, the obligee can make a claim against the bid bond. Commonly required in public procurement under Turkish Law No. 4734.
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- Bond Limit / Bond Penalty Kefalet Limiti (Bond Penalty)
- The maximum amount payable under a surety bond, typically expressed as a percentage of the underlying contract value (e.g. 10% of contract price). The surety's liability is capped at this amount, which also serves as the basis for calculating the bond premium.
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- Bonding Facility Kefalet Tesisi (Bond Facility)
- A pre-approved aggregate credit line granted by a surety to a principal, within which the principal may request individual bonds without a full underwriting review each time. Streamlines the process for large contractors with ongoing bonding needs.
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- Brokerage Brokaj
- The commission earned by an insurance or reinsurance broker for placing a risk on behalf of the insured or cedant. Typically expressed as a percentage of premium; it is paid by the insurer or reinsurer, not the insured, and is deducted from the gross premium.
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- Burning Cost Hasar Maliyeti (Burning Cost)
- The historical loss experience rate used as the basis for calculating a reinsurance premium. Expressed as actual losses within the reinsured layer as a percentage of the subject premium, it underpins experience-rated pricing methodology.
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- Business Interruption (BI) İş Durması Sigortası (BI)
- Insurance covering loss of revenue and ongoing expenses when a business is interrupted or reduced as a result of a physical damage loss (e.g. fire, flood) at the insured premises. BI is normally purchased alongside a property (PAR) policy and is triggered by the same physical loss event. Key parameters are the indemnity period and the maximum indemnity.
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