REDEPLOYMENT EXPENSES Clause Samples
REDEPLOYMENT EXPENSES. The insurance under this item covers expenditure reasonably incurred by the Insured in the necessary relocation of employees where as a result of the Damage, the Insured elects to permanently redeploy employees at any alternative sites. The insured expenses will include all such expenses as the Insured would normally incur or reimburse to employees when transferring employees and their families to different places of permanent residence for the purpose of the Business. Standard Business Interruption Policy Clauses BI01 Accumulated Stocks In adjusting any claim, account shall be taken and an equitable allowance made for any loss suffered by the Insured after the end of the Indemnity Period because stocks have been used to maintain Turnover during the Indemnity Period. BI02 Acts of Civil Authorities This policy covers loss resulting from any action of any lawfully constituted civil authority consequent upon:
(a) Damage to any property whatsoever;
(b) Bodily injury, murder or suicide to or of any person in the vicinity of premises that are owned, occupied or used by the Insured;
(c) Defects in drains and other sanitary arrangements;
(d) The escape of fumes, gases, toxic chemicals or any hazardous material; Such loss shall be deemed to be resulting from Damage to property used by the Insured at the Premises for the purposes of the Business. This clause does not cover loss resulting from any action of any lawfully constituted civil authority consequent upon any Communicable Disease, or fear or threat (whether actual or perceived) of a Communicable Disease. Under this clause, Communicable Disease means any:
(a) physical distress, illness, or disease caused or transmitted directly or indirectly by any virus, bacterium, parasite or other organism or any variation thereof, whether deemed living or not, and regardless of the means of transmission; or
(b) any virus, bacterium, parasite or other organism or any variation thereof, whether deemed living or not, which is capable of causing physical distress, illness or disease. The maximum liability of the Insurer is the lesser of 10% of the Business Interruption sum insured or $500,000. BI03 Adjustment of Premium If the premium for this policy has been calculated based on estimated figures, then the premium is a provisional premium for the Period of Insurance and subject to adjustment as follows:
(a) Within 6 months of the expiry of the Period of Insurance, the premium will be recalculated using the actual figures based...
REDEPLOYMENT EXPENSES. The insurance under this item covers expenditure reasonably incurred by the Insured in the necessary relocation of employees where as a result of the Damage, the Insured elects to permanently redeploy employees at any alternative sites. The insured expenses will include all such expenses as the Insured would normally incur or reimburse to employees when transferring employees and their families to different places of permanent residence for the purpose of the Business. Standard Business Interruption Policy Clauses These clauses form part of and are incorporated into the policy. BI01 Accumulated Stocks In adjusting any claim, account shall be taken and an equitable allowance made for any loss suffered by the Insured after the end of the Indemnity Period because stocks have been used to maintain Turnover during the Indemnity Period. BI02 Adjustment of Premium If the premium for this policy has been calculated based on estimated figures, then the premium is a provisional premium for the Period of Insurance and subject to adjustment as follows:
(a) Within 6 months of the expiry of the Period of Insurance, the premium will be recalculated using the actual figures based on the Insured's financial year most nearly concurrent with the Period of Insurance (as certified by the Insured's auditors).
(b) The difference between the actual and the provisional premiums will either be payable as an adjustment to the Insurer or a refund payment to the Insured depending on the result of the recalculation. Any refund to the Insured is limited to a maximum of 50% of the provisional premium paid. BI03 Alternative Index Adjustment of a claim under this policy may be based on Turnover, Output or any other indices of business activity that afford the most equitable result. Output means the sale value and/or internal transfer value of finished goods and/or partially processed materials or goods. BI04 Contractual and Legal Commitments This policy covers any amounts the Insured becomes contractually or legally liable to pay in consequence of Damage, including related legal costs. Any recoveries received or receivable by the Insured in respect of such commitments shall be deducted from the amount payable. The Insurer’s liability under this clause will not exceed the lesser of the Gross Profit, Gross Revenue, or Gross Rentals and Management Fees sums insured or the amount specified in the Policy Schedule. BI05 Customers and / or Suppliers Premises This policy covers interruption to or ...