Rent receivable Sample Clauses
Rent receivable. Our liability in respect of rent receivable is limited to loss of rent receivable and additional expenditure and the amount payable under this section will be:
a) in respect of loss of rent receivable: the amount by which, in consequence of the damage, the rent receivable during the indemnity period falls short of the standard rent receivable;
b) in respect of additional expenditure: the additional expenditure necessarily and reasonably incurred for the sole purpose of avoiding or diminishing the loss of rent receivable 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 in rent receivable thereby avoided;
c) minus any sum saved during the indemnity period in respect of such of the expenses and charges payable out of rent receivable as may cease or be reduced in consequence of the damage; except that if the sum insured in respect of rent receivable is less than the annual rent receivable (or a proportionately increased multiple thereof where the maximum indemnity period exceeds twelve (12) months), our liability will be proportionately reduced.
Rent receivable. Rent receivable means the money which is contractually payable to you for rent and other charges and for services rendered in relation to the occupation or tenancy of buildings at the premises.
Rent receivable. Cover under this Item is limited to loss of Rent Receivable and additional expenditure, and the amount payable shall be:
(a) in respect of loss of Rent Receivable, the amount by which the Rent Receivable during the Indemnity Period shall as a result of the Incident fall short of the Standard Rent Receivable;
(b) in respect of additional expenditure: the amount incurred for the sole purpose of avoiding or diminishing the loss of Rent Receivable which would have been due during the Indemnity Period as a result of the Incident but not exceeding the amount of the reduction thereby avoided; less any amount saved during the Indemnity Period in respect of expenses and charges not incurred as a result of the Incident. Provided that if the Limit of Indemnity is less than the annual Rent Receivable, or a proportionately increased multiple thereof where the Maximum Indemnity Period exceeds twelve months, the amount payable shall be proportionately reduced.
1. Loss following Damage to property and not otherwise excluded
(i) the percentage of the total of the Limits of Indemnity or 133.33% of the Estimated Gross Profit; or,
(ii) the Limit of Indemnity and Maximum Indemnity Period shown in the Schedule.