BASIS OF INSURANCE. The insurance under this Coverage is limited to loss of Gross Profits due to:
a) Reduction in Turnover and b) Increase in Cost of Working, and the amount payable as indemnity hereunder shall be:
a) in respect of Reduction in Turnover, the sum produced by applying the rate of Gross Profit to the amount which the turnover during the Indemnity Period shall in consequence of the Accident fall short of the Standard Turnover;
c) in respect of Increase in Cost of Working: the additional expenditure necessarily and reasonably incurred for the sole purpose of avoiding or diminishing the reduction in Turnover which but for that expenditure would have taken place during the Indemnity Period solely as a result of the Accident but not exceeding the sum produced by applying the rate of Gross Profit to the amount of the reduction thereby avoided: less any sum saved during the Indemnity Period in respect of such of the Insured Standing Charges as may cease or be reduced as a result of the Accident, provided that if the Limit of Liability be less than the sum produced by applying the rate of Gross profit to the Annual Turnover, (if the Indemnity Period is greater than twelve (12) months, then the Annual Turnover shall be multiplied by the factor which proportionately reflects the increased Indemnity Period) the amount payable shall be proportionately reduced.
BASIS OF INSURANCE. The insurance required to be carried by this Article X is to be written on an “occurrence” basis.
BASIS OF INSURANCE. 4.1 All policies, other than for Product Liability, shall be issued on an “occurrence” basis unless such coverage is not available on commercially reasonable terms. Where insurance is on a “Claims Made” basis, each Party shall maintain the coverage until the later of the expiration of three years after the manufacture of the final batch of Product by Bayer or of all applicable statutes of limitations. Each Party shall list the other Party as an additional insured.
4.2 The Product Liability policy shall be issued on a ”Claims Made” basis. Each Party shall maintain the Product Liability coverage until the later of the expiration of three years after the manufacture of the final batch of Product by Bayer or the applicable statute of limitations.
4.3 Bayer reserves the right to self-insure for any and all coverages.
BASIS OF INSURANCE. The reinsurance shall be on the yearly renewable term basis.
BASIS OF INSURANCE. The cover provided under this Section shall be limited to loss of gross profit due to reduction in turnover and increase in cost of working and the amount payable as indemnity hereunder shall be ♦ in respect of reduction in turnover: the sum produced by applying the rate of gross profit to the amount by which the turnover during the indemnity period, in consequence of the accident, falls short of the standard turnover ♦ in respect of increase in cost of working: the additional expenditure necessarily and reasonably incurred for the sole purpose of avoiding or diminishing the reduction in turnover which but for that expenditure would have taken place during the indemnity period in consequence of the accident, but not exceeding the sum produced by applying the rate of gross profit to the amount of the reduction thereby avoided less any sum saved during the indemnity period in respect of such of the charges and expenses of the business payable out of the gross profit as may cease or be reduced in consequence of the accident, provided that if the sum insured hereunder is less than the sum produced by applying the rate of gross profit to the annual turnover, the amount payable is proportionately reduced.
BASIS OF INSURANCE. This insurance is provided on a non-contributory basis. 67% $600 – with a thirty-nine (39) week limitation Benefits will begin the thirtieth (30th) day of disability due to sickness. ** For more detailed information, please refer to your handbook.
BASIS OF INSURANCE. On or after 12:01 A.M. Central Standard Time on the Effective Date of this Agreement, whenever the Company issues a policy providing insurance within the limits permitted by the Underwriting Guidelines of the Company as described in Schedule D and the Company retains its maximum limit of retention as shown in Schedule A, the Company shall cede and the Reinsurer shall automatically accept reinsurance in amounts not exceeding the amounts in Schedule A, provided that the policy has not been offered on a facultative basis to any reinsurer, including the Reinsurer. This Agreement shall apply to policies issued on citizens or permanent residents of the United States who are domiciled within the United States. The reinsurance coverage shall be issued in accordance with the policy forms, underwriting manual, claims administration procedures, rates and guidelines agreed to by the Reinsurer and the Company at the time this Agreement was entered into and more particularly referenced in Schedule D. Any deviation from these materials shall require prior written approval by the Reinsurer. The Company may not reinsure the amount it has retained on the business covered under this Agreement on any basis without the Reinsurer’s written consent, which consent may be withheld for any reason.
BASIS OF INSURANCE. The insurance required to be carried by this Article 10 is to be written on an "occurrence" form.
BASIS OF INSURANCE
