Common use of Calculation of Claim Amount Clause in Contracts

Calculation of Claim Amount. Losses shall aggregate towards the Deductible in chronological order according to Date of Loss. Any Loss which is less than the Non-Qualifying Loss Amount is excluded from the Policy and shall not be taken into account in applying the Deductible. The Insurer will pay the Insured Percentage of the Loss, up to the Credit Limit applicable for the Buyer on the date of Shipment, in respect of Losses in excess of the Deductible, subject to the Policy Limit of Liability and any applicable Country Limit of Liability, whichever is the lesser. Where a Buyer is part of a Group, the Insurer’s liability for any Loss shall be limited to the Insured Percentage of the Credit Limit approved individually for each entity, up to but not exceeding the approved aggregated credit exposure limit for the Group. Where the Contract Currency is other than Policy Currency, the rate of exchange shall be the rate as offered by the Insurer's London clearing bank on the Due Date, except in the case of Transfer Loss, where the rate of exchange shall be the rate as offered by the Insurer's London clearing bank on the date of expiry of the Waiting Period. Each payment made by the Insurer in respect of a Loss hereunder shall reduce the Policy Limit of Liability and all other applicable limits by the amount of each payment.

Calculation of Claim Amount. Losses shall aggregate towards the Deductible in chronological order according to Date of Loss. Any Loss which is less than the Non-Qualifying Loss Amount is excluded from the Policy and shall not be taken into account in applying the Deductible. The Insurer will pay the Insured Percentage of the Loss, up to the Credit Limit applicable for the Buyer on the date of Shipment, in respect of Losses in excess of the Deductible, subject to the Policy Limit of Liability and any applicable Country Limit of Liability, whichever is the lesser. Where a Buyer is part of a Group, the Insurer’s liability for any Loss shall be limited to the Insured Percentage of the Credit Limit approved individually for each entity, up to but not exceeding the approved aggregated credit exposure limit for the Group. Where the Contract Currency is other than Policy Currency, the rate of exchange shall be the rate as offered by the Insurer's London clearing Reserve bank of India’s website on the Due Date, except in the case of Transfer Loss, where the rate of exchange shall be the rate as offered by the Insurer's London clearing Reserve bank of India’s website on the date of expiry of the Waiting Period. Each payment made by the Insurer in respect of a Loss hereunder shall reduce the Policy Limit of Liability and all other applicable limits by the amount of each payment.

Calculation of Claim Amount. Losses shall aggregate towards the Deductible in chronological order according to Date of Loss. Any Loss which is less than the Non-Qualifying Loss Amount is excluded from the Policy and shall not be taken into account in applying the Deductible. Credi v The Insurer will pay the Insured Percentage of the Loss, up to the Credit Limit applicable for the Buyer on the date of Shipment, in respect of Losses in excess of the Deductible, subject to the Policy Limit of Liability and any applicable Country Limit of Liability, whichever is the lesser. Where a Buyer is part of a Group, the Insurer’s liability for any Loss shall be limited to the Insured Percentage of the Credit Limit approved individually for each entity, up to but not exceeding the approved aggregated credit exposure limit for the Group. Where the Contract Currency is other than Policy Currency, the rate of exchange shall be the rate as offered by the Insurer's London clearing bank on the Due Date, except in the case of Transfer Loss, where the rate of exchange shall be the rate as offered by the Insurer's London clearing bank on the date of expiry of the Waiting Period. Each payment made by the Insurer in respect of a Loss hereunder shall reduce the Policy Limit of Liability and all other applicable limits by the amount of each payment.