Insurance is granted for : Mobile off-shore drilling units (drill ship and rigs). Off-shore platform for production and processing. Associated pipelines, cables, etc.These policies are issued in Marine Hull Department and are granted to Oil and Natural Gas Corporation which is engaged in oil and gas exploration and production at sea. The Policy shall cover : Insurance of aircraft against loss or damage. Insurance of legal liability to third parties and passengers. Insurance of legal liability for freight, mail, etc. carried. Insurance of pilots, crew and ground staff against personal accident risk. Insurance of pilots and other crew against loss of professional licence.Oil and Gas Wells Insurance : Exploration is the process of trying to find accumulations of oil and natural gas trapped under the earth’s surface, whereas production is the process of recovering those hidden resources for processing, selling and use. The wellbore is commonly known as an oil-well or a gas-well depending on its oil or a gas reservoir which is to be reached. Onshore well is drilled on the land and if it drilled through sea-bed it is known as an offshore well. The relevant insurance policy is “Energy Package Policy.” The Policy shall cover: Section 1 : Property damage – widely used wordings: oil and gas wells drilling tools floater form to cover loss of or damage to the equipment of the operator or in the care custody and control of the operator. Equipment above ground are covered on an all-risk basis and equipment below-ground are covered on a named peril basis. The section does not cover wear and tear, mechanical/electrical breakdown, failure, inherent vice, latent defect, gradual deterioration, corrosion, rust, dampness of atmosphere, freezing or temperature extremes, dishonest act on the part of the assured/assureds, lack of due diligence, unexplained loss, mysterious disappearance, drill stem left in the well through which a well is completed or for which the assured has assumed liability, property in storage, costs for firefighting or attempting to control blowout or crater. Section 2 : Cover broadly provided for bringing a well under control that goes out of control. Covers of fire-fighting too. Also, covers cost of re-drilling/extra expenses, costs of removal, containment, diversion or prevention of contaminated substances emanating from the well, covers costs which insured is liable to pay for losses to third parties, costs to defend any claim. Exclude deliberate or which results fro violation of any governmental rule, regulation or law applicable thereto. Section 3 : Third party liability – physical loss/damage to third party property and/or death, injury or illness of any third party.

A system established by the Social Security Act in 1935. The OASDHI provides benefits for the elderly, disabled workers, and surviving dependents.

A term usually used to refer to a non-fraternal insurer operating on the basis of a legal reserve.

Contracts which are issued beyond the normal insuring age of sixty or over.

An authority established either by the company or the Government for the quick redressal of grievances. In India the Institution of Insurance Ombudsman was created by the Government of India vide notification dated 11th November 1`998 with the purpose of quick disposal of the grievances of the insured customers and to mitigate their problems involved in redressal of those grievances. Office of Insurance Ombudsman was formed to give a careful listening to the aggrieved insured persons/their beneficiaries who could not get their complaints redressed by insurers so that these aggrieved customers have the opportunity to get in touch with the Ombudsman relevant to their states. Insurance Ombudsman has powers to perform conciliation and award making. Their powers are restricted to insurance contracts of value not exceeding Rs. 20 lacs. The complaints must be by an individual on a “Personal Lines” Insurance (or if deceased, the legal heir(s) under such policy) can approach the Ombudsman. Insurance on personal lines means a policy taken or given in an individual capacity e.g., life insurance, personal accident insurance, mediclaim insurance and insurance of personal property of the individual such as motor vehicle, household articles, etc. Firms and Organizations cannot go the Ombudsman. Omission to insure additions, alterations or extensions clause (to be incorporated at the time of issuing the policy), An Add on peril under Standard Fire and Special Perils Policy (Material Damage) : On payment of additional premium the insurance extends to cover buildings and/or machinery, plant and other contents which the insured may erect or acquire or for which they may become responsible (a) at the described premises (b) for use as factories. Subject to that the liability under this extension shall not exceed 5% of the sum insured by each item. Subject to insured shall notify the insurer of each additional insurance as soon as it shall come to their knowledge and shall pay the appropriate additional premium from the date of inception. Following the advice of any additional insurance as above cover by this extension shall be fully reinstated. If the insured fails to declare the values of such additions within 30 days of the expiry of the policy, there shall be no refund of the advance premium collected.

A cause of loss not mentioned in an Insurance contract.

A federal law that extends COBRA continuation for those who are considered disabled or were disabled at the time of qualification. Under this law, group health coverage is extended from 18 months to 29 months.

A clause found in motor vehicle liability Policy which extends the coverage to others who are using the car within the limits of the Policy.
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A stipulation that extends the coverage to other people not specifically named in the contract, due to its definition of insured.
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An agreement in most automobile liability policies and some others that extends the definition to include others without needing to name them. An example would be a policy that covers the named insured and those residing with him.
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UK: An ‘indemnity to other persons’ clause in a liability policy. The motor insurance policy, for example, indemnifies permitted drivers, passengers and employers.