The risk that wind speed variations will reduce the volume of electricity generated by wind farms and therefore sales for wind power companies. The risk can be managed by a weather derivative based on wind power indices (WPIS). The average value of the index over any 12-month period is 100 in a normal year. An annual value of 95 indicates that the index is 5 per cent below normal for the region and leads to a payout. Wind farm developers, operators and financiers may all hedge against the wind risk.

Closing of an occupational pension scheme, usually done by buying annuities for all members, including deferred annuities. Alternatively all assets and liabilities can be transferred to another scheme in accordance with the scheme rules and any relevant laws. There are statutory provisions to determine when winding up commences for statutory purposes (Occupational Pension Schemes (Winding Up) Regulations 1996, Regulation 2 (SI 1996/3126)).

Under private comprehensive car policies, insurers agree that, if a claim for damage consists solely of damage to the windscreen or windows, payment will be made without prejudice to the insured’s entitlement to no claim discount.

insurance Insurance against damage done to property by unusually high winds or cyclone or hurricane. The risks are usually insured as additional perils, but it is possible to insure against these perils alone.

1999 merger of three electronic networks: WIN created by international brokers, LIMNET, the London market network successful at transmitting accounting transactions, and RINET, a consortium of mainly European (re)insurers. Membership of WISe is also available to captives, loss adjusters and third party suppliers. The activities of the three merged networks are grouped under two main programmes. WISe Trusted Trading focuses on a legally regulated environment for electronic trading. WISe Data Exchange focuses on facilitating the exchange of administrative transactions. WISe operates on a non-profit basis from Brussels, London and New York. Its work with electronic data standards was transferred to ACORD. WISe aims to ‘facilitate the use of electronic commerce to improve client service, reduce processing and administrative costs and provide maximum scope for competitive trading. By April 2003, WISe had attracted 50,000 registered users.

If amounting to 3 per cent Clause limiting recovery of partial losses under a marine policy to those reaching a franchise of 3 per cent (the customary level for commodities) of the insured value.
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Policy that covers both total and partial loss normally used in relation to cargo policies, with particular average subject to memorandum.

Allows full recovery of all partial losses due to a named peril in a marine policy. No franchise based on a percentage of the value applies.

An expression from the Marine Insurance Act 1906, s.39(5), meaning that a shipowner, while not having knowledge regarding the soundness, i.e. seaworthiness, of his vessel is not entitled to turn a ‘blind eye’ to the situation.

Indicates that if an annuitant dies before the next annuity payment is due, a pro rata payment will be made in respect of the period from the last payment to the date of death.