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Occurrence policy

A liability insurance policy that covers claims arising out of occurrences that take place during the policy period, regardless of when the claim is filed.
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In Liability insurance, a policy that pays for events that occur during its policy term, regardless of which a claim is filed. That is, an expired occurrence policy will pay a valid claim even if the claim is made years late, provided that the event occurred while the policy was in effect.

Occurrence Trigger Theories

Liability policies are triggered by insured events ‘occurring’ during the policy period. Difficulty in pinpointing the time of occurrence of latent diseases and gradual pollution has produced theories, not universally accepted, from the US: 1. Exposure theory. Injury is simultaneous with first exposure. All insurers on risk during the exposure period are liable on a time on risk basis; 2. Manifestation theory. Injury is deemed to occur when it is first diagnosed. Only the policy in force at time of discovery is liable – this theory is rarely applied. 3. Injury In Fact Theory. Policies are triggered only if in force when an actual injury occurs or progresses. No liability is triggered during dormant periods. 4. Triple Trigger Theory/Continuous Trigger Theory. Injury is deemed to occur at time of first exposure, during continuing exposure and at time of manifestation. Any policy in force at any stage will be liable. Issues also arise as to how limits of indemnity should be applied. See OCCURRENCE; STACKING OF LIMITS.

Ocean Bill of Lading

A receipt for cargo in transit, and a contract between the exporter and an ocean carrier for transportation and delivery of goods to a species party at a specified foreign destination. Issued after the vessel has sailed and the cargo has been entered in the ship’s manifest.

Ocean Going Vessels : Combination Carriers

(i) OBO (ore/bulk/oil) in 70,000 to 150,000 DWT range (ii) Oil/ore vessels in 150,000 to 250,000 DWT. They are designed so that they can carry bulk dry cargoes as well as oil and thus provide greater flexibility in operation. Some bulk trades are seasonal. Oil shipments are more frequent in winter than in summer. In such circumstances, the combination carrier can switch from one trade to another according to the respective trade requirements and the state of the freight market.

Ocean Going Vessels : Container

Container ships are cargo ships, also known as Cellular vessels, that carry all their load in truck size inter modal containers. Container ship capacity is measured in twenty-foot equivalent units (TEUs). Typical loads are a mix of twenty-foot and forty-foot (FEUs) ISO standard containers. Containerization is now a common means of transport carrying most of sea going non bulk cargo. Feeders are small container ships less than 3000 TEUs and generally operate between smaller container ports.

Ocean Going Vessels : Dry Bulk Carriers

Specially constructed vessels in the size range of a few thousand GT used for coasters to cover 70,000 GT for ocean-going tonnage. The main bulk cargoes carried are iron and other ores, coal, grain, bauxite and phosphates. Main feature is single weather deck and large holds with wide hatches to facilitate loading and discharge by mechanical mean. The Bulk Carriers come in different sizes – Panamax, Suezmax, Capesize etc.