Glossary

A notice of claim provision in a liability insurance policy requires the insured to promptly notify the insurer in the event that a claim is made against the insured.

Notice of occurrence is one of the insured's specified duties under a general liability policy.

Notice to the company is written notice to the insurer as to an occurrence upon which a claim is to be based.

Novation refers to an agreement to replace one party to an insurance policy or reinsurance agreement with another company from inception of the coverage period.

No further remedial action planned is a determination made by the Environmental Protection Agency (EPA) following a preliminary assessment that a site does not pose a significant risk and so requires no further activity under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA).

Nuclear, biological, chemical (NBC) weapons disperse biological, chemical, or radioactive agents to inflict injury or cause contamination or damage.

Nuclear exclusion refers to the following: (1) A provision or endorsement found in or attached to virtually all property policies (other than the specialty policies designed to cover loss as a result of nuclear radiation).

Otherwise known as Natechs, these refer to natural hazards triggering a technological accident that arises from the coincident effects of a natural hazard, such as a storm or earthquake, and the failure or disruption of technological infrastructure, such as chemical plant spills, releases, and explosions. For example, chemical plants can be particularly vulnerable to seismic forces due to their complex systems that consist of numerous pipes, vessels, connections, and other components. Damage to a single element may result in the failure of entire systems, possibly resulting in fires, explosions, and the release of hazardous substances. While a flange opening or a weld breaking may seem insignificant from a structural point of view, they could lead to considerable cascading accidents and losses at a chemical processing facility