Catastrophic Event definition

Catastrophic Event means an unforeseen event of a biotic or abiotic nature caused by human action that leads to important disturbances in agricultural production systems or forest structures, eventually causing important economic damage to the farming or forestry sectors;

Catastrophic Event means a rare circumstance in which mass casualties and/or significant property damage has occurred or is imminent (e.g. September 11th, hurricanes, earthquakes greater than 6.1 on the Richter scale)

Catastrophic Event means an event pursuant to which losses, incurred from a Single Occurrence or loss that may relate to a recurring series of losses which are the result of a single action or inaction, exceed the average monthly compensation owed by Servicer to Subservicer paid to date during the term of this Agreement.

Examples of Catastrophic Event in a sentence

• Allocation of benefits to the Policyholder resulting from the death or a series of deaths attributable directly or indirectly to a Catastrophic Event and thus subject to the Catastrophic Event limit, shall be in the chronological order of the dates upon which written notification of each death claim is received by the Company provided always that the Company’s liability in respect of all such claims under the Policy shall not exceed the Catastrophic Event limit.

• When a Catastrophic Event limit is stated in the Policy Schedule the following Benefit Condition will apply:- The maximum aggregate liability of the Company to the Policyholder for a death or a series of deaths (irrespective of the date or place of death) attributable directly or indirectly to a Catastrophic Event shall be the Catastrophic Event limit.

• In so far as more than one such written notification is received by the Company on the same day and in a total amount that would cause the Catastrophic Event limit to be exceeded, the Company shall be entitled in its sole discretion to pay such claims on a reduced pro-rata basis according to the remaining balance of the Catastrophic Event limit such that the Company’s total liability for such claims under the Policy shall not exceed the Catastrophic Event limit.

• If the Catastrophic Event limit is reached (as set out in paragraph 1 above), the Company will pay the Catastrophic Event limit stated in the Schedule to the Policyholder and the Policyholder will be responsible for the allocation of benefits as stated above.

• The Company shall be the sole judge as to what constitutes a Catastrophic Event.

More Definitions of Catastrophic Event

Catastrophic Event means an unforeseen event of biotic or abiotic nature caused by human action that leads to important disturbances of forest structures, eventually causing important economic damage to the forest sectors;

Catastrophic Event means an unforeseen event, such as the impact of a vehicle or falling aircraft, which has a material and detrimental impact on the Bank Property, and over which neither the Bank Sponsor nor the Property Owner has control.

Catastrophic Event means a natural or man-made event where Citizens receives or anticipates receiving no less than five-hundred (500) claims.

Catastrophic Event means a suddenly occurring, major, natural disaster that is insured by this Policy, where the resultant damage to property in the vicinity of your home and generally is so extensive and widespread that the resultant surge in demand for the materials and labour required to repair buildings causes a surge in the prices of building repairs.

Catastrophic Event means a natural or man-made incident, which results in substantial damage or loss requiring major financial resources to repair or recover (i.e. house fire, tornado, flood, or other disaster).

Catastrophic Event means an event, or the credible threat of an event, that:

Catastrophic Event means any sudden, extensive, or notable event or happening, misfortune or multiple or mass casualty incident resulting in: 1) 5 or more patients at any given location; or 2) 911 system overload due to unexpected or excessive emergency calls within any given time.