Companies Act 1985, s.744, gives a limited definition: ‘officer, in relation to a body corporate, includes a director, manager or secretary’. Not everyone with the title ‘manager’ is sufficiently senior to be an ‘officer’ who must have a level of authority over the affairs of the whole company in a given area of activity. The term officer includes the company secretary and auditor. See DIRECTORS’ AND OFFICERS’ LIABILITY.
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Officers and Directors Liability Insurance
A type of insurance which protects the Officers and Directors of a Company against damages resulting from negligent or wrongful acts which may harm the company or its stockholders.
Officers and directors liability insurance (Liability Insurance)
Insurance that covers officers and directors of a company against harm done to the company due to their negligence.
Offset
The state pension offset. A member’s pensionable earnings or a member’s pension are reduced to take account of the amount of state pension a member will receive.
Offset (also known as Setoff)
The netting of amounts due between two parties as provided for by common law, contract law, statutory law, regulatory law and/or judicial law. Some reinsurance contracts contain a mutual right of offset, while others may operate only for one party’s benefit or remain silent. Offset may be allowed under all contracts between the parties or only under that specific contract. State insurance rules may address offset in insolvency.
Offset Clause
A provision in reinsurance agreements which permits each party to net amount due against those payable before making payment ; especially important in the event of insolvency of one party which ceases to remit amounts due to the other.
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Agreement between the reinsured and the reinsurer that debits and credits between them may be set off against each other with payment only of the balance. Premiums due to the reinsurer may be set off against claims payments due to the reinsured. Offsetting becomes important if one of the parties becomes insolvent.
Offset rider (Health Insurance)
A rider found in a health insurance policy that reduces benefits by a fraction of the social security benefits the insured receives.
Offshore insurance
Branch of marine insurance covering installations and activities connected with the offshore exploration and production of oil or gas by mobile and non-mobile installations. The risks run from the construction on land, the pipelines and pumping stations up to and including the operation period.
OFR
The Office of Financial Research, created by the Dodd-Frank Act, is tasked with supporting the efforts of the FSOC in monitoring systemic risk, collecting and assessing data, performing applied research on these issues and developing tools for risk measurement and monitoring.
Oil and Energy Risk Insurance (Off-Shore) Insurance
Insurance is granted for : Mobile off-shore drilling units (drill ship and rigs). Off-shore platform for production and processing. Associated pipelines, cables, etc.These policies are issued in Marine Hull Department and are granted to Oil and Natural Gas Corporation which is engaged in oil and gas exploration and production at sea. The Policy shall cover : Insurance of aircraft against loss or damage. Insurance of legal liability to third parties and passengers. Insurance of legal liability for freight, mail, etc. carried. Insurance of pilots, crew and ground staff against personal accident risk. Insurance of pilots and other crew against loss of professional licence.Oil and Gas Wells Insurance : Exploration is the process of trying to find accumulations of oil and natural gas trapped under the earth’s surface, whereas production is the process of recovering those hidden resources for processing, selling and use. The wellbore is commonly known as an oil-well or a gas-well depending on its oil or a gas reservoir which is to be reached. Onshore well is drilled on the land and if it drilled through sea-bed it is known as an offshore well. The relevant insurance policy is “Energy Package Policy.” The Policy shall cover: Section 1 : Property damage – widely used wordings: oil and gas wells drilling tools floater form to cover loss of or damage to the equipment of the operator or in the care custody and control of the operator. Equipment above ground are covered on an all-risk basis and equipment below-ground are covered on a named peril basis. The section does not cover wear and tear, mechanical/electrical breakdown, failure, inherent vice, latent defect, gradual deterioration, corrosion, rust, dampness of atmosphere, freezing or temperature extremes, dishonest act on the part of the assured/assureds, lack of due diligence, unexplained loss, mysterious disappearance, drill stem left in the well through which a well is completed or for which the assured has assumed liability, property in storage, costs for firefighting or attempting to control blowout or crater. Section 2 : Cover broadly provided for bringing a well under control that goes out of control. Covers of fire-fighting too. Also, covers cost of re-drilling/extra expenses, costs of removal, containment, diversion or prevention of contaminated substances emanating from the well, covers costs which insured is liable to pay for losses to third parties, costs to defend any claim. Exclude deliberate or which results fro violation of any governmental rule, regulation or law applicable thereto. Section 3 : Third party liability – physical loss/damage to third party property and/or death, injury or illness of any third party.