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Obligee
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The party in whose favor a bond runs, such as the party protected from loss under the bond.
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Obligor
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One bound by the obligations covered by a bond. Also called the principal.
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Occupancy
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1)The use to which a building is put.
2)The type of contents a building contains.
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Occurrence
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1)In a non-insurance sense, an incident, event or happening. In insurance, the term may be defined as continual, gradual or repeated exposure to an adverse condition which is neither intended nor expected to result in injury or damage, as contrasted with an accident, which is a sudden happening. In reinsurance, per occurrence coverage permits all losses arising out of one event to be aggregated instead of being handled on a risk-by-risk basis.
2)One basis or determinant for calculating the amount of loss or liability in insurance or reinsurance when an aggregation of related losses is to constitute a single subject of recovery. For example, in property catastrophe reinsurance treaties, occurrence is usually defined so that all losses within a specified period of time involving a particular peril are deemed an occurrence.
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Occurrence Policy
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The traditional occurrence liability insurance method provides coverage for losses from liability-imposing causes which occurred during the policy period, regardless of when the claim is asserted. Once the policy period is over in a claims-made form, the approximate extent of the underwriter's liability is known. With the traditional occurrence liability coverage method, the underwriter may not discover the extent of liability for years to come from losses claimed to have occurred within the policy period.
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Ocean Cargo Insurance
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A type of marine insurance that provides property protection for cargo that is being shipped by sea or over water.
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Ocean Marine Insurance
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The protection of ships, their cargoes, and the freight, including protection and indemnity insurance to cover shipowners' liabilities for loss of life to any person, illness or injury to crew, damage to cargoes carried, and damages to fixed or floating objects.
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Off-Premises Clause
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Language which may be added to a policy indicating that personal property is covered when elsewhere than on the premises described in the policy.
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Off-Premises Services Coverage
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Property and time element endorsements designed to cover the insured for losses that result from the interruption of services by an insured cause of loss. The current endorsements allow the insured to select coverage for off-premises services, whether supplied by a private or public utility. Protection may be purchased for the following options, including water suppliers, communication suppliers, or power supplies.
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Omissions Clause
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A provision that applies to treaty reinsurance agreements. In those cases where the reinsurance treaty would have normally applied to a risk,but the ceding insurer unintentionally omitted the risk from the Bordereau (the report of ceded risks) the omitted risk is still covered.
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Omnibus Clause
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A part of an automobile or yacht liability policy which extends coverage to persons and orgnizations other than the named insured, such as members of the insured's family, servants and others using the automobile with the owner's permission. When these extensions were introduced,the policy was said to have an "omnibus clause."
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Ordinance or Law Coverage
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A property endorsement which provides the insured the option to purchase coverage for three types of common building ordinance or law requirements that apply after an insured has suffered a physical damage loss such as fire. These ordinance or law damages are normally excluded in standard property coverage forms. The coverages available in this endorsement are cost to demolish the undamaged portion of the building, cost to replace with superior construction as required by law, and cost to clear the land of debris after demolition.
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Other Insurance Clause
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Language in many policies which states the method for apportioning the loss between two or more policies covering the same property at the time of loss.
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Services