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.
Insurance Encyclopedia
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.
Owners and contractors protective liability policy (Liability Insurance)
Also called independent contractors insurance. Insurance that covers the insured in the case of a loss stemming from contractor or subcontractor negligence.
Owners, landlords, and tenants legal liability (OL&
T)See Premises and operations liability.
Owners, landlords, and tenants liability insurance (Liability Insurance)
A form of liability insurance intended to cover places where the public often visit. This form provides coverage against liability arising from bodily injury or property damage caused by the owner’s negligence. The commercial general liability coverage form has mostly replaced this form.
Ownership (Life Insurance)
Denotes the person who controls all of the benefits and privileges associated with a life insurance policy. The title of owner may belong to someone other than the insured and may be transferred by the owner’s written request.
Ownership of Expiration
Agreement by the Insurance Company that certain information regarding details of a Policy such as expiration will not be revealed to any other Agent or broker except the originating Agent or broker. This agreement permits the original Agent or broker to contract the client for renewal or extension of the Policy.
Ownership of expirations
An agreement made with an insurer that states that some pieces of information will not be shared with any agent or broker other than the one who originated the policy. This is usually a property or liability form.
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Refers to the ability of an independent agent to place a risk with any of the companies that he or she represents. Unless that customer goes to another agent, the current agent owns the policy and the right to place it as he or she sees fit.
Ownership provision (Life Insurance)
A provision that states that a policy may be owned by a different person than the one insured.