In the event of Damage occurring at the Premises before the completion of the first year’s trading of the Business the terms “Rate of Gross Profit”, “Standard Turnover” and “Rate of Pay-Roll” shall bear the following meanings and not as within stated :

Rate of Gross Profit : The rate of                                           ) to which such adjustments

Gross Profit earned on the Turnover during                       ) shall be made as may be

the period between the date of the                                        ) necessary to provide for the

commencement of the Business and the date of                ) trend of the business and

the damage                                                                                 ) for variations in or other

Standard Turnover : the proportional equivalent,             ) circumstances affecting the

for a period equal to the Indemnity Period,                        ) business either before or

for the Turnover realized during the period                        ) after the damage or which

between the commencement of the Business and              ) would have affected the

the date of the Damage nearly as may be                             ) business had the damage not

reasonably                                                                                   ) occurred so that the figures

Rate of Pay-Roll : the rate of Pay-Roll to                              ) adjusted shall represent as

Turnover during the period between the date of                ) nearly as may be practicable

the commencement of the Business and the date              ) the results which but for the

of the Damage.                                                                           ) damage would have been

                                                                                                       ) obtained during the relative

                                                                                                       ) period after the damage.

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 is a registered trade mark. All rights reserved. Managed by PT Ahliasuransi Manajemen Indonesia - Specialist Insurance Training & Consultant.
Powered by, Custom Theme and Calling Card Company.