Glossary

The Outer Continental Shelf is generally defined as all submerged lands that lie beyond the coastal states' territorial boundaries, to a water depth of 200 meters or where exploration is feasible. The state territorial boundaries normally extend 3 nautical miles, except in Florida and Texas where seaward boundaries extend 10 nautical miles.

The Outer Continental Shelf Lands Act of 1953 (OCSLA) extends the benefits of the Longshore and Harbor Workers' Compensation Act (LHWCA) to workers injured or killed on fixed structures (e.g., oil well platforms) that are permanently attached to the Outer Continental Shelf for the purpose of natural resource exploration or development.

Outplacement is a form of assistance offered by employers to employees who have been laid off from their jobs. Outplacement is rendered by firms that specialize in providing such services, which consist of helping former employees write résumés and cover letters, evaluate their career goals, identify positions and employers that may be seeking their services, and prepare for interviews. In addition to providing job assistance, many legal authorities believe that when an employer offers outplacement services to a laid-off worker, it demonstrates good faith and therefore reduces the likelihood that the terminated employee will bring a wrongful termination lawsuit against their former employer. For this reason, most employment practices liability insurance (EPLI) insurers' applications for coverage include a question about whether the applicant employer offers outplacement services to terminated workers, which underwriters view as a positive factor.

Outside directors are members of a corporate board of directors who are not employees of the corporation or otherwise affiliated with it. Outside directors usually have special qualifications and expertise that make them valuable in managing the company—hence their appointment to the company's board. In contrast to outside directors are inside directors, who are also employees of the corporation.

Outside directorship liability coverage refers to the coverage provided by directors and officers (D&O) liability policies for service on boards of directors outside the insured firm. Typically, such coverage only extends to service on the boards of nonprofit, rather than for-profit, companies. Outside directorship liability coverage is found within the majority of corporate D&O liability policies and is written on either a double excess or a triple excess basis.

Outstanding losses are losses that have been reported to the insurer but are still in the process of settlement. Paid losses plus outstanding losses equal incurred losses.

Outstanding loss reserves (OSLR) are those claims that have been reported but are not settled, and thus the final cost is not yet known.

Outstanding premiums are premiums due but not yet collected by the insurer.

Out of employment is a phrase describing injuries or illnesses that arise from risks that are peculiar to and characteristic of employment.

An over-line is an amount of insurance or reinsurance that exceeds an insurer's or reinsurer's normal capacity.