Breakage (not associated with any named perils) of fragile cargo which is regarded as inevitable during transit. It is generally excluded unless caused by the vessel or craft being stranded, sunk, burnt or in collision. The Replacement Clause deals with breakage of machinery.
Insurance Encyclopedia
Ordinary business
all long term, including life, business other than industrial business.
Ordinary Construction
A building in which the supporting walls are brick and the floors are wood joints, the inferior finish usually conceals space i which Fire can spread and with little protection of stair shafts.
Ordinary construction (Property Insurance)
A building constructed with floors that sit on wood joists, little protection of stair shafts, and interior finishes that limit the space to which fire can spread.
Ordinary Freight
The reward paid to a ship owner for the carriage of goods in his ship to the port of delivery.
Ordinary life pension trust (Pensions)
A pension plan that gets funding from a trust. This type of pension plan provides death benefits for participating employees through life insurance contracts that are purchased for them. The trust will pay the premium amount on the life insurance policy until the employee retires, then uses the paid up insurance policy’s value to purchase retirement benefits.
Ordinary life policy (Life Insurance)
A life insurance policy with premiums that are paid for as long as the insured lives.
Ordinary meaning rule
Rule of construction. Words in a policy must be construed in their plain, ordinary and popular meaning, and not in their strictly philosophic or scientific meaning. However, the context may make it clear that the words must, to carry out the intention of the parties, be understood in some special sense. Legal and technical terms are to be given their strict legal meaning unless the policy shows a different intention.
Ordinary payroll
Payroll allotted to employees whose services could be curtailed in event of a long term shutdown of a business without a harmful effect on reopening. This figure is important in calculating business income insurance exposures.
Ordinary Payroll (Exclusion Endorsement)
Endorsement to business interruption coverage eliminating Insurance for the entire (or some portion of payroll expense for all the employees of an insured except officers, executives, department managers employees under contract, and other important employees. Coverage for any continuing ordinary payroll expense usually can be purchased for an additional premium.