Operational loss definition
Operational loss means an unforeseen act or event which causes personal injury or property damage. [1987 c.434 §2; 1995 c.333 §28]
Operational loss means loss resulting from sources other than defaults by other members; it includes: employee misconduct, misjudgment, or human error; management failure and fraud; information system failures; disruptions from external events that result in the degradation or failure of services provided by a payment system; and payment or settlement delays, constrained liquidity, contagious disruptions and resulting litigation.
Operational loss means any loss exceeding $5,000 resulting from cash shortages, lost or misposted items, disputed clerical and accounting errors, forged checks, payment of checks over stop payment orders, counterfeit money, wire transfers made in error, theft, robberies, defalcations, check kiting, fraudulent use of credit cards or electronic teller machines, civil money penalties, fines, litigation, claims, arbitration awards or other similar acts or occurrences.
More Definitions of Operational loss
Operational loss has the meaning given to it in Clause 25.1.
Operational loss means any Losses as a result of any overpayment, underpayment, incorrect payment or non-payment by the Service Provider or resulting from a default on the part of the Service Provider pursuant to its performance of the Services;
Operational loss means an unfore- seen act or event which causes personal in- jury or property damage. [1987 c.434 §2; 1995 c.333