Glossary

An occupational injury is an injury arising in the course and scope of employment that is caused by factors associated with the work undertaken.

An occupational manual is a manual listing occupational classifications for different types of work.

The Occupational Safety and Health Administration (OSHA) is an agency within the US Department of Labor that is responsible for administering and enforcing the Occupational Safety and Health Act (OSHA) of 1970.

An occurrence in a commercial general liability (CGL) coverage form is an accident, including continuous or repeated exposure to substantially the same general harmful conditions. General liability policies insure liability for bodily injury (BI) or property damage (PD) that is caused by an occurrence. This is also a common homeowners provision.

Occurrence basis means that for coverage to be provided, the act giving rise to a claim needs to occur within the policy period. The claim does not need to be reported during the policy period. Used with liability policies.

An occurrence policy is one that covers claims that arise out of damage or injury that took place during the policy period, regardless of when claims are made. Most commercial general liability (CGL) insurance is written on an occurrence form. Contrast with claims-made coverage trigger; claims-made policy.

An occurrence year is the time period defined by a body of losses composed of all claims occurring during a particular year.

Ocean marine insurance covers the transportation of goods and/or merchandise by vessels crossing both foreign and domestic waters including any inland or aviation transit associated with the shipment. This type of marine insurance also encompasses coverage for damage to the vessels involved in shipments and legal liability arising in the course of shipment.

Off-balance-sheet risk is the risk posed by factors not appearing on an insurer's or reinsurer's balance sheet. Excessive (imprudent) growth and legal precedents affecting defense cost coverage are examples of off-balance-sheet risk.

Off-duty coverage refers to coverage for police officers' personal liability exposure while moonlighting or otherwise off duty. This exposure is typically excluded in most law enforcement liability policies. However, coverage can usually be added by endorsement for an additional premium.