A public liability policy extension indemnifying any director or employee (including family members) of the insured during temporary visits anywhere in the world on the insured’s business. The extension applies to ‘off duty’ activities outside the scope of the main indemnity clause.
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Oversight Clause
A provision in a reinsurance treaty that either party may correct a failure to comply with the agreement due to oversight or misunderstanding.
Overtime
When overtime is worked to merely expedite the repairs so that the owner may more speedily employ the ship, the excess cost is not recoverable from the insurer. However, where liners with advertised sailing dates are involved the insurer admits the overtime expenditure. ‘Liners’ means passenger and cargo vessels.
Overwriting
Where a syndicate exceeds its allocated capacity. Depending on the scale of the problem the managing agent of the syndicate may be required to cease underwriting some or all new business and the members may be required to make available additional funds at Lloyd’s to cover the overwriting.
Overwriting of premiums
Occurs where the volume of business written on behalf of a Lloyd’s member exceeds allocated premium limit. In response Lloyd’s demands additional security to back the additional risks underwritten. The increase may be the result of poor administration, a fall in exchange rates or coverholders writing larger volumes of business than expected under binding authorities.
Own branders
Suppliers who put their own name on the product and give the impression that they are producers. Such suppliers are producers’ for the purpose of the Consumer Protection Act 1987 and may be strictly liable for the damage as defined by the Act.
Own Case Agent (OCA)
Whose activities are limited to drawing commission on his own Insurances.
Own damage
A term used to describe loss or damage to the insured’s own vehicle under a motor insurance policy. An ‘own damage’ excess may apply under the ‘loss or damage’ section of the policy.
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In Motor insurance, damage to the insured’s own vehicle.
Own Occupation Rider
This rider guarantees benefits if the insured is unable to perform the “material and substantial” duties of the occupation held at the time the disability occurs. For example, if a surgeon loses his or her hand and can no longer perform surgery but can teach and consult, he or she will receive the total benefit amount. Without this rider, the insured’s benefits limited to the difference between the income prior to the disability and the income that can now be earned.
Own Property Exclusion
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.