A quick definition of bailee policy:

Bailee policy is a type of insurance policy that covers goods in the possession of a bailee, but does not specifically describe the covered goods. It is a floating policy that provides limited coverage against loss. Other types of insurance policies include accident policy, assessable policy, basic-form policy, blanket policy, broad-form policy, claims-made policy, commercial general-liability policy, completed-operations policy, and more. Insurance rating is the process by which an insurer arrives at a policy premium for a particular risk. Insurance Services Office is a nonprofit organization that provides analytical and decision-support services and tools to the insurance industry.