Examples of Observed Weather Index in a sentence
The Company shall not be liable to compensate the Insured or pay any amount, in the event that the Observed Weather Index is lower than the Strike Index in case of coverage for excess weather parameter cover or In the event that the Observed Weather Index is greater than the Strike Index in case of coverage for deficient weather parameter cover during the Period of Insurance.
In the event that, in the geographical location and during the time period specified in Term Sheet of the Schedule attached to this Policy, the Observed Weather Index is greater or lower than the Strike Index, the benefit payable to the Insured shall be as per the Payment Formula specified in the term sheet of the Schedule, subject to a maximum of the Sum Insured for a given phase.
The Company shall procure the certified weather data from the institutions or departments authorized to maintain such records, as has been explicitly informed & voluntarily accepted by the insured at the time of inception of the policy to calculate the Observed Weather Index.
Observed Weather Index: means the observed value of the Weather Index based on Actual Weather Data of the cover period, which observed value will be used for determining the claims amount, during the Period of Insurance.16.
The Company shall not be liable to compensate the Insured or pay any amount in the event that the Observed Weather Index is lower than the Strike Index in case of coverage for excess weather parameter cover or In the event that the Observed Weather Index is greater than the Strike Index in case of coverage for deficient weather parameter cover during the Period of Insurance.
Reference Weather Station: means the primary weather station as specified in the Schedule, the weather data of which would be utilised to compute the Observed Weather Index during the Policy Period for the purpose of claims calculation and settlement under the policy.12.
In the event that, in the geographical location and during the time period specified in Term Sheet of the Schedule attached to this Policy, the Observed Weather Index is greater or lower than the Strike Index, the benefit payable to the Insured shall be as per the Payment Formula specified in the term sheet of the Schedule, subject to a maximum of the Sum Insured.
In event that, in a geographical location during the time period specified in the Schedule to this Policy, the Observed Weather Index deviates from the pre- defined threshold (Strike) Index, the benefit payable to the Insured shall be as per the Payment Formula specified in the Schedule, subject to a maximum of the Sum Insured.
It means the primary weather station as specified in the Schedule, the weather data of which would be utilised to compute the Observed Weather Index during the Policy Period for the purpose of claims calculation and settlement under the policy.
Where there is no deviation in the Observed Weather Index as per the policy terms and conditions, the Company shall not be under any obligation to provide any written communication to the insured/Beneficiary stating that no compensation is payable.