Glossary

An override is an agreement between an insurer and intermediary (or between an insurer and reinsurer or a retrocessionaire) based on the percent of written (or ceded) premium that will be guaranteed income to the intermediary/insurer/reinsurer.

Overriding commission is an insurance commission paid by an insurer to an agent or managing general agent for premium volume produced by other agents in a given geographic territory.

Overtime surcharge is extra pay for overtime hours worked by employees.

The owner-claimant rule is a legal tactic where the damaged property must be owned by the claimant at the time of the property damage in order for the liability to be covered.

Owner-operator is an independent motor carrier who leases their vehicle, with driver, to another motor carrier, either on a permanent or a short-term basis.

In life insurance, an ownership clause is the provision or endorsement that designates the owner of the policy when such owner is someone other than an insured—for example, a beneficiary.

Owners and contractors protective liability coverage refers to a stand-alone policy that covers the named insured's liability for bodily injury (BI) and property damage (PD) caused, in whole or in part, by an independent contractor's work for the insured.

The owners, landlords, and tenants liability policy is a now-obsolete liability insurance coverage form designed for businesses whose liability loss exposure (other than automobile and workers compensation) derives principally from the business premises.

Owners protective errors and omissions insurance coverage refers to a policy that provides coverage for a construction project owner's exposure to liability for negligent design work on the project.

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