Departmental Clause

If the business be conducted in departments, the independent trading results of which are ascertainable, the provisions of clauses (a) and (b) of the item No.1 on Gross profit and item No.2 on Wages shall apply separately to each department affected by the damage, except that

  1. If the sum insured by item No.1 be less than the aggregate of the sums produced by applying the Rate of Gross Profit for each department of the business (whether affected by the damage or not) to its relative Annual Turnover thereof the amount payable under Item No.1 shall be proportionately reduced.
  2. If the sum insured by item No.2 be less than aggregate of the sums produced by applying the Rate of Wages for each department of the business (whether affected by the damage or not) to its relative Annual Turnover thereof the amount payable under Item No.2 shall be proportionately reduced.

About the Author

has written 1869 stories on this site.

Write a Comment

Gravatars are small images that can show your personality. You can get your gravatar for free today!

*

Copyright © 2024 ahliasuransi.com. Ahliasuransi is a registered trade mark. All rights reserved. Managed by PT Ahliasuransi Manajemen Indonesia - Specialist Insurance Training & Consultant.
Powered by WordPress.org, Custom Theme and ComFi.com Calling Card Company.