NOTE:  All definition are from the Insurance Bureau of Canada


OCCUPANCY - Occupancy is the act of holding possession of property or premises. The term implies the use of the building for the purposes described in the policy, and no other. An occupied building has furnishings and/or people in it.

OCCUPIER - A person, company or other group that  owns, has possession of, or has responsibility and control over premises.

OCCURRENCE - An event that results in an insured loss. In some lines of  insurance, such as liability, an occurrence is not necessarily an accident  (something sudden or unexpected); it can result from continuous or repeated  exposure to a risk. Nonetheless, an occurrence results in bodily injury or  property damage that was neither expected nor intended by the insured.

OPTIONAL COVERAGE - In automobile insurance, optional  coverage is a commonly used term for insurance that is not required by law,  such as coverage for collision or comprehensive claims (e.g., theft). For home insurance, optional coverage is that which is not normally included in  standard home insurance policies, but which can be purchased separately, such  as coverage for damage from earthquakes, furnace oil spills and sewer back-up.

OUTBOARD MOTOR BAOT AND OUTBOARD MOTOR POLICY - A class of inland marine insurance covering boats, motors and equipment for named perils (fire, collision and theft) or, at a higher premium, for all risks. Some policies include liability cover for property damage to other vessels.

OVERLAPPING INSURANCE - When two different kinds of policies cover the same loss, the insurance is said to be "overlapping." This does not mean, for example, when two fire insurance policies cover the same loss, which is called "contributing insurance."  However, if an inland marine policy and a fire policy covered the same loss, they would be overlapping.

  • We came back from London last Thursday night. Our daughter Anna had settled in London now and very anxious about her new school life. I want to thank you for introducing Fred to us for Anna's insurance. He was super helpful (day and night) that made me feel so easy to get things going as we travel.