Business interruption cover Sample Clauses

Business interruption cover. 9.1.1 We will indemnify you in accordance with each item of business interruption insurance which is described below and shown as operative in the schedule, for the amount of loss caused by the interruption or interference with the business resulting from damage to property used by you at the premises within the United Kingdom shown in the Property section, provided that: a) at the time the damage occurs there is in force either: i) cover under the Property section, or ii) an insurance policy covering your interest in the property at the premises against such damage and such property is of a type and kind not excluded by this section; b) at the time the damage occurs you have claimed under the policy referred to in a) above and the relevant insurer has paid such claim in full or admitted liability for such claim or would have done so but for the operation of a proviso in such insurance policy excluding liability for losses below a specified amount. 9.1.2 Gross revenue/estimated gross revenue a) in respect of the reduction in gross revenue: the amount by which the gross revenue during the indemnity period will, in consequence of the damage, fall short of the standard gross revenue; b) in respect of increased cost of working: the additional expenditure necessarily and reasonably incurred for the sole purpose of avoiding or diminishing the reduction in gross revenue which but for that expenditure would have taken place during the indemnity period in consequence of the damage, but not exceeding the amount of the reduction thereby avoided; c) minus, regardless of whether the calculation is based on, the reduction in revenue or the increased cost of working any sum saved during the indemnity period in respect of such of the charges and expenses of the business payable out of gross revenue as may cease or be reduced in consequence of the damage; d) except that, in either case, if the sum insured in respect of gross revenue is less than the annual gross revenue (or a proportionately increased multiple thereof where the maximum indemnity period exceeds twelve months), our liability will be proportionately reduced. 9.1.3 Gross fees/estimated gross fees a) in respect of the reduction in gross fees: the amount by which the gross fees during the indemnity period will, in consequence of the damage, fall short of the standard gross fees; b) in respect of increased cost of working: the additional expenditure necessarily and reasonably incurred for the sole purpose of avoi...