A person, firm, corporation or government agency protected
by a surety bond.
Abnormal condition or illness caused by factors associated
with the workplace. Like occupational injuries, this is covered
by workers compensation policies. (See Workers’ Compensation.)
Dangers inherent in an occupation which increase the risk
of sickness or injury.
Insurance that pays claims arising out of incidents that occur
during the policy term, even if they are filed many years
later. (See Claims-Made Policy.)
Ocean Marine Insurance:
Coverage of all types of vessels and watercraft, for property
damage to the vessel and cargo, including such risks as piracy
and the jettisoning of cargo to save the property of others.
Coverage for marine-related liabilities. War is excluded from
basic policies, but can be bought back.
An automobile policy provision that covers persons driving
the named insured’s auto with the named insured’s
Open Competition States:
States where insurance companies can set new rates without
prior approval, although the state’s commissioner can
disallow them if they are not reasonable and adequate or
The cost of maintaining a business’ property, includes
insurance, property taxes, utilities and rent, but excludes
income tax, depreciation and other financing expenses.
Contracts that allow, but do not oblige, the buying or selling
of property or assets at a certain date at a set price.
Ordinance of Law Coverage:
Endorsement to a property policy, including homeowners, that
pays for the extra expense of rebuilding to comply with ordinances
or laws, often building codes, that did not exist when the
building was originally built. For example, a building severely
damaged in a hurricane may have to be elevated above the flood
line when it is rebuilt. This endorsement would cover part
of the additional cost.
Original Equipment Manufacturer Parts (OEM):
Sheet metal auto parts made by the manufacturer of the vehicle.
(See Generic Auto Parts.)
Other Than Collision Coverage:
See Comprehensive Automobile Insurance.