Glossary

Omnibus clause in a standard automobile liability policy embraces within the definition of "insured" certain persons without the necessity of naming them or designating them specifically.

According to the Department of Labor (DOL), an on-call employee is an employee who is required to remain on call on the employer's premises and is therefore deemed to be "working" on call.

An on-demand bond is an unconditional bond or bank guarantee required of many contractors and sellers by overseas buyers to guarantee the tender (the actual form of money exchanged) as security against the value of advance payments under a contract, or to guarantee performance of the contract.

Ongoing operations refers to work or other business activity that has not been completed or abandoned.

The Online Privacy Protection Act is a California law requiring organizations that collect personally identifiable information from residents of California to post privacy policies on their websites.

An onshore captive is a special purpose insurance company domiciled in the country within which its insured risks are located.

An open enrollment period is the time frame designated by the employer's health or other benefit plan when employees may enroll in new benefit plans or make changes to existing benefit plans.

Open perils refers to property insurance that insures against loss to covered property from all causes except those that are specifically excluded.

Open rating is a pricing regulation approach associated with workers compensation premium costs in which state regulators allow insurers to issue policies using rates other than those established by the managing rating bureau.

An open stock burglary policy is coverage insuring merchandise, furniture, fixtures, and equipment against loss by burglary or robbery while the premises are not open for business.