Insurance Terms
Objects Definition Form: Part of the Boiler and Machinery Coverage part of the Commercial Package policy. Defines the objects covered by the Boiler and Machinery Coverage form in great detail.
Obligee: In bonds, the party to whom the principal makes the promise, and for whose protection the bond is being written.
Occupancy: The type and character of the use of the property and the entity therein.
Occurrence: In liability policies, generally defined to be an accident, including continuous or repeated exposure to substantially the same general harmful conditions.
Occurrence Form: A Commercial General Liability Coverage form with a coverage trigger that states that coverage applies only to bodily injury or property damage which occur during the policy period, regardless of when
claim is made.
Ocean Marine Insurance: Marine insurance designed to provide broad coverage for cargo and ships in transit over sea. Includes Cargo insurance, Hull insurance, and liability coverage (Protection and Indemnity).
Optionally Renewable: A type of health insurance that cannot be canceled during the policy term, but for which the company reserves the right to nonrenew the policy at expiration.
Owners And Contractors Protective Liability: A form of Liability insurance which protects an owner or general contractor against liability arising out of the acts of independent contractors or subcontractors. May be issued to the independent contractor or subcontractor, or may be issued directly to the owner or general contractor.
