NEW BUSINESS

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 Gross Profit earned on Turnover during the period between the date of the commencement of the Business and the date of the damage.

Standard Turnover: The proportional equivalent, for a period equal to the Indemnity Period, for the Turnover realised during the period between the commencement of the Business and the date of the damage.

Rate of Payroll: The rate of Payroll to Turnover during the period between the date of the commencement of the Business and the date of the damage.

To which such adjustments shall be made as may be necessary to provide for the trend of the Business and for variations in or other circumstances affecting the Business either before or after the damage or which would have affected the Business had the damage not occurred, so that the figures thus adjusted shall represent as nearly as may be reasonably practicable the results which but for the damage would have been obtained during the relative period after the damage.

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