Insurance of the principal risks involved in a construction contract that is effected by the owner on behalf of himself and the various other parties concerned, thus, avoiding subsequent disputes as to whose liability any given occurrence gives rise to.
Insurance Encyclopedia
Omnibus Risk
A building containing a number of tenants engaged in various trades and businesses.
Omnibus risk (Property Insurance)
A building that has several tenants who conduct different businesses.
On cost
Overhead Expenses.
On goods
An unqualified reference to insurance on goods covers both the beneficial interest of the insured and, if they belong to someone else, the liability of the insured to the owner. It does not cover the owner’s proprietary interest unless the policy names the insured as the commercial trustee and describes the property as belonging to a named third party. (Hepburn v. Tomlinson (Hauliers) Ltd (1966)).
On Gross
Term used to describe the Marine insurance premium to which a discount is to be applied, the gross premium before any deductions.
On Line Channel of Insurance Distribution/Marketing
Due to increasing internet penetration as well as the changing buying behavior of the consumers the online world has become an attractive medium for the insurers to distribute and advertise their products. This channel also referred as “e-distribution channel” offers tremendous geographical reach at a much lesser cost. The insurance companies have also developed appropriate processes to support their customers in completing the closure of the buying process by a dedicated team through various interventions including telephonic/e-mail clarifications of doubts and to support the customer in completing the process.
On Net
Term used to describe the Marine Insurance premium to which a discount is to be applied – the gross premium less any previous deductions.
On Risk
The insurer is said to be on risk once an insurance attaches.
On the Ground, Aviation
An aviation term. On the ground shall be deemed to include all periods during which the aircraft is not in flight, taxying or moored.