The Insurance covers the total abandonment of one day cricket match due to specified perils like Fire, lighting, explosion, earthquake, rain flood, storm, riot, strike, malicious damage and terrorist activities. The Policy covers the financial loss actually suffered by the insured i.e., the organizers. It is a condition under the Policy that no liability will attach even if a single ball is bowled. Change in venue or postponement of the match does not constitute a claim. It is prescribed that the tickets issued shall contain a stipulation that once a ticket is sold no refund will be allowed.
Insurance Encyclopedia
One disaster or casualty
clause Same as an HOURS CLAUSE.
One Disaster or Casualty Clause.
A clause in a reinsurance treaty to provide that all losses during a short period, usually 72 hours, shall be considered as caused by one disaster or casualty, e.g., a riot, a cyclone, or an earthquake, for the purpose of applying the limit of liability under the reinsurance.
One Year Accounting
A basis of accounting which presents, at the end of each year of account, the estimated technical account for business exposed during the year.
One-third new for old
Under the Marine Insurance Act when new material replaces old in ship repairs, the shipowner is required to bear part of the cost of new materials; a deduction of one-third or one-sixth is made from the amount payable. In practice the International Hull Clauses provide that claims are payable without deduction new for old.