clause Same as an HOURS CLAUSE.
Insurance Encyclopedia
One Disaster or Casualty Clause.
A clause in a reinsurance treaty to provide that all losses during a short period, usually 72 hours, shall be considered as caused by one disaster or casualty, e.g., a riot, a cyclone, or an earthquake, for the purpose of applying the limit of liability under the reinsurance.
One Year Accounting
A basis of accounting which presents, at the end of each year of account, the estimated technical account for business exposed during the year.
One-third new for old
Under the Marine Insurance Act when new material replaces old in ship repairs, the shipowner is required to bear part of the cost of new materials; a deduction of one-third or one-sixth is made from the amount payable. In practice the International Hull Clauses provide that claims are payable without deduction new for old.
Onus of proof
The obligation on an insured to prove that the insured event has occurred or the obligation on an insurer to prove that an exception applies. If the insurers allege lack of utmost good faith preceding the issue of the policy the onus of proof attaches to them.
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The obligation on a party to a contract of proving a certain allegation in connection with that contract and relied upon by the party on whom the burden of proving it rests.