Departmental clause. If the business is conducted in departments or branches, the independent trading results of which are ascertainable, the provisions under items 1 (gross profit), 2 (gross rentals) or 3 (revenue) relating to reduction in turnover/gross rentals/revenue and increase in cost of working, shall apply separately to each department or branch affected by the Damage, except that if the sum covered by the relative item is less than the aggregate of the (annual gross rentals), (annual revenue), (sums produced by applying the rate of gross profit) for each department or branch, whether or not affected by the Damage, (to the relative annual turnover thereof), (proportionately increased if the number of months referred to in the definition of indemnity period exceeds twelve), the amount payable shall be proportionately reduced. Deposit contribution clause In consideration of the contribution by items 1, 2 or 3 being provisional in that it is calculated on 75 percent of the sum covered, the contribution is subject to adjustment on expiry of each period of cover as follows: In the event of the gross profit/gross rentals/revenue earned (proportionately increased if the number of months referred to in the definition of indemnity period exceeds twelve) during the financial year most nearly concurrent with any period of cover being less or greater than 75 percent of the sum covered thereon, a pro rata return or additional contribution not exceeding 33,3 percent of the provisional contribution paid for such period of cover will be made in respect of the difference. In the event of a claim being made under this section, the amount paid or payable thereon shall be regarded as actually earned. Output (alternative basis) clause At the option of the participant, the term output may be substituted for the term turnover and, for the purposes of this section, output shall mean the sale or transfer value, as shown in the participant’s books, of goods manufactured or processed by the participant at the premises provided that
Departmental clause. If the business be conducted in departments, the independent trading results of which are ascertainable, the provision of Clauses (a) and (b) of Item 1 shall apply separately to each department affected by the damage except that if the Sum Insured by the said item be less than the aggregate of the sum produced by applying the rate of gross profit for each department of the business (whether affected by the damage or not) to the relative Annual Output thereof, the amount payable shall be proportionately reduced.
Departmental clause. If the business be conducted in departments the independent trading results of which are ascertainable the provisions of Clauses
Departmental clause. If The Insured’s Business Is Conducted In Departments The Provisions of The Gross Profit Basis of Settlement Shall Apply Separately To Each Department Affected By The Damage, Provided That The Trading Results of Each Department Are Independent And Separately Ascertainable.
Departmental clause. “If the business be conducted in departments, the independent trading results of which are ascertainable, the provision of Clauses (a) and (b) of Item 1 shall apply separately to each department affected by the damage except that if the Sum Insured by the said item be less than the aggregate of the sum produced by applying the rate of gross profit for each department of the business (whether affected by the damage or not) to the relative Annual Turnover thereof, the amount payable shall be proportionately reduced.” Definitions GROSS PROFIT – The sum produced by adding to the Net Profit the amount of the Insured Standing Charges, or if there be no Net Profit the amount of the Insured Standing Charges less such a proportion of any net trading loss as the amount of the Insured Standing Charges bears to all the Standing Charges of the business. NET PROFIT – The net trading profit (exclusive of all capital receipts and accretions and all outlay properly chargeable to capital) resulting from the business of the Insured at the premises after due provision has been made for all Standing and other charges including depreciation, but before the deduction of any taxation chargeable on profits. INSURED STANDING CHARGES – (Appropriate list to be inserted). TURNOVER – The money paid or payable to the Insured for goods sold and delivered and for services rendered in course of the business at the premises. INDEMNITY PERIOD – The period beginning with the occurrence of the damage and ending not later than months thereafter during which the results of the business shall be affected in consequence of the damage. RATE OF GROSS PROFIT – The rate of Gross Profit earned on the turnover during the financial year immediately before 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 special circumstances affecting the business either before or after the damage or which would have affected the business had the damage not ANNUAL TURNOVER – The Turnover during the twelve months immediately before the date of the damage. STANDARD TURNOVER –The Turnover during that Period in the twelve months immediately before the date of the damage which corresponds with the Indemnity Period. 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.
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 Item No. 1 — of Basis of Settlement (Section 2) — may at the option of the Insured apply separately to each department affected by the Damage. Provided that the trading results of all business units within the one Operating Group that are affected by the Damage shall be taken into account for the purpose of adjusting a claim. Where, for the purpose of avoiding or diminishing a reduction in Turnover or Gross Earnings, goods or services are purchased from a party also insured under this Policy, the reasonable full price of such goods or services shall be taken into account for the purpose of adjusting a claim as though the goods or services were purchased from a party not also insured by this Policy. Deterioration of Undamaged Stock This Section is extended to cover loss directly resulting from interruption to or interference with the Business carried on by the Insured at the Premises occasioned by the deterioration of otherwise undamaged stock caused by inability to process or complete any process in consequence of Damage to property used by the Insured at the Premises. Such loss for the purpose of this Policy being deemed to be loss resulting from Damage.
Departmental clause. If the Business be conducted in departments and/or branches, the independent trading results of which are ascertainable, the provisions of Gross Profit, Gross Rentals, Gross Revenue or Standing Charges (as set out under “Basis of Loss Settlement”) shall apply separately to each department and/ or branch affected by Damage, except that if the sum covered by the relative item is less than the aggregate of the (annual gross rentals), (annual revenue), (sums produced by applying the rate of gross profit) for each department or branch, whether or not affected by the Damage, (to the relative annual turnover thereof), (proportionately increased if the number of months referred to in the definition of Indemnity Period exceeds twelve), the amount payable shall be proportionately reduced.
Departmental clause. If the business is conducted in departments or branches, the independent trading results of which are ascertainable, the provisions under Items 1 (gross profit) or 2 (revenue) relating to reduction in turnover/ revenue and increase in cost of working, shall apply separately to each department or branch affected by the damage except that if the sum covered by the relative item is less than the aggregate of the (annual revenue) (sums produced by applying the rate of gross profit) for each department or branch, whether or not affected by the damage (to the relative annual turnover thereof) (proportionately increased if the number of months referred to in the definition of indemnity period exceeds twelve), the amount payable shall be proportionately reduced. At the option of the participant the term output may be substituted for the term turnover and for the purpose of this section output shall mean the sale or transfer value, as shown in the participant’s books, of goods manufactured or processed by the participant at the premises provided that
