Glossary

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.

In a commercial general liability (CGL) coverage form, an occurrence is an accident, including continuous or repeated exposure to substantially the same general harmful conditions.

Occurrence basis means that for coverage to be provided, the act giving rise to a claim needs to occur within the policy period.

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.

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.

Off-balance-sheet risk is the risk posed by factors not appearing on an insurer's or reinsurer's balance sheet.

Off-duty coverage refers to coverage for police officers' personal liability exposure while moonlighting or otherwise off duty.

Offer refers to the terms of an insurance contract as proposed by one party (the potential insurer) to another party (the potential insured).

Before a contract is executed, the party to whom the offer is made is known as the offeree.