OCCURRENCE POLICY - A policy covering claims that arise out of an event which took place during the policy period, regardless of when a claim is made.
OCCURRENCE BASIS - In order for coverage to be provided, the incident creating a claim needs to occur within the policy period. It is not necessary for the claim to be reported during the insurers underwriting different types of liability risks to avoid ungainly multi-state licensing statutes. Must be owned by insureds.
OWNERS AND CONTRACTORS PROTECTIVE LIABILITY (OCIP) INSURANCE - A support attachment to commercial general liability insurance purchased by the owner of a business with premium paid by the owner. Typically covers contractors and subcontractors.