A bailor is a person who hands assets over to another party for temporary safekeeping. Property insurance should be purchased for any items given to a bailor, in case something happens to the property while it is under their care.
Many different types of assets can be temporarily transferred to others by bailors, including stocks, bonds, jewelry, and cash. When the transaction occurs, the bailee does not actually own the assets they receive. They simply temporarily manages them and looks after them on behalf of the bailor.
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