Excludes liability under liability insurance for ‘damage to property owned or occupied by or in the care, custody or control of the insured or any servant. . .”‘Owned property’, though excluded, is not in any event within the operative clause of a legal liability policy. Such property is normally insured under first party insurance. There is legal liability for property not belonging to the insured that is in his custody of control. See CUSTODY AND CONTROL EXCLUSION.
Insurance Encyclopedia
Own Risk
A risk that a person retains for himself, without insuring it.
Owner’s and Contractor’s Protective Liability
Contract of Insurance protecting the owner and contractor against the negligent actions of subcontractors they have hired.
Owner’s Clauses
Clauses drafted by ship owners or large exporters or importers for use in their Marine insurance policies.
Owner’s Liability
Liability of the owner of a building (as distinct from an occupier) for claims in respect of bodily injury or damage to property.
Owner’s Risk
The words “At Owner’s Risk” used in the goods receipt only means that the owner would be liable for any loss/damage to the gods which are lying with the Company if such loss/damage was not caused by any negligence on the part of the carrier.
Owner’s Trading Freight
The addition to the cost of the goods of a ship owner (or a charterer) carried in the ship owned (or chartered) which he charges at the port of delivery as the price of carriage.
Owner’s, Landlords and Tenants Liability Insurance (OL&T)
Coverage for an insured against legal liability for bodily injury or property damage caused to others by negligence and arising out of the ownership, maintenance, or use of the premises designated in the policy and all operations necessary or incidental to those premises. A form of premises and Operations Liability Insurance designed to cover premises where the public is invited. The OL&T form has largely been replaced by Commercial General Liability Coverage Form (CGL).
Owners and contractors protective (OCP) liability coverage
A stand-alone policy that covers the named insured’s liability for bodily injury (BI) and property damage (PD) caused, in whole or in part, by an independent contractor’s work for the insured. The contractor purchases the policy to provide coverage for vicarious liability the client (project owner) incurs as a result of the contractor’s acts or omissions on the project. The OCP policy also responds to liability arising out of the insured’s own acts or omissions in connection with its general supervision of the contractor’s operations.
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A stand-alone policy that covers the named insured’s liability for bodily injury (BI) and property damage (PD) caused, in whole or in part, by an independent contractor’s work for the insured. The contractor purchases the policy to provide coverage for vicarious liability the client (project owner) incurs as a result of the contractor’s acts or omissions on the project. The OCP policy also responds to liability arising out of the insured’s own acts or omissions in connection with its general supervision of the contractor’s operations.
Owners and contractors protective (OCP) liability coverage form
Provides coverage for the liability of an owner of land on which a building is being constructed for the acts of the contractor handling the construction.