Loss of Gross Profit definition

Loss of Gross Profit means the shortfall in sales after the Waiting Period and resulting solely and directly from an Insured Event and is the calculation of:
Sample 1Sample 2
Loss of Gross Profit means the shortfall in sales resulting solely and directly from an Insured Eventand is the calculation of:
Sample 1Sample 2
Loss of Gross Profit. Means The Loss of Gross Profit due to reduction in turnover. For the purpose of this clause reduction in turnover shall mean the sum produced by applying the Rate of Gross Profit to the amount by which the turnover during the Indemnity Period shall fall short of the Standard Turnover in consequence of the Insured Event; Less any sum saved during the Indemnity Period in respect of the charges and expenses of the business as described in the policy schedule payable out of the Gross Profit which may cease or be reduced as a consequence of the Insured Event.
Sample 1

Examples of Loss of Gross Profit in a sentence

  • Loss of Gross Profit as a result of an Employee winning in excess of £100,000 on the National Lottery.

  • You may select to insure any of the following covers below:• Loss of Gross Profit (Difference basis or addition basis cover)• Loss of Gross Revenue• Loss of Gross Rental• Standing Charges only• Wages (Dual Basis or 100% or Pro-rata)• Wages and Salaries on Payroll Basis• Increased Cost of Working onlyDuration of cover is for one year.

  • You may select to insure any of the following covers below:-  Loss of Gross Profit (Difference basis or addition basis cover) Loss of Gross Revenue Loss of Gross Rental Standing Charges only Wages (Dual Basis or 100% or Pro-rata) Wages and Salaries on Payroll Basis Increased Cost of Working only Duration of cover is for one year.

  • Additional Benefits 1 to 9 inclusive are payable provided that the Sum Insured expressed against the relevant item(s) in the Schedule is not otherwise exhausted.We will pay You (depending on the Part of this section which is applicable to You) for Loss of Gross Profit or Loss of Revenue or Loss of Weekly Revenue which results from interruption of or interference with the Business as a result of Damage occurring during the Period of Insurance to:1.

  • The Loss of Gross Profit the Insured due to a physical damage (indemnifiable under SECTION 1 Material Damage) resulting in interruption of the Business of the Insured.

  • Loss of Gross Profit incurred by the Named Insured as a result of an Insured Event.

  • If, in consequence of Damage giving rise to a claim on this insurance, Turnover is maintained at a reduced Rate of Gross Profit, an equitable allowance will be made for the Loss of Gross Profit resulting from an increase in the ratio of stock usage or purchases (adjusted for stock variation) to Turnover.

  • NOTE: Extensions A, B, C, G and H shall not apply in respect of Loss of Gross Profit following interruption of the Business as a result of Engineering Damage.

  • This Specification provides cover for the reasonable and necessary additional expenditure incurred during the Indemnity Period (over and above the amount of the increased cost of working under the Loss of Gross Profit, Loss of Gross Revenue or Loss of Gross Rentals Specifications) for the sole purpose of avoiding or diminishing a reduction in Turnover in consequence of the Damage.

  • Following damage to your buildings or their contents your trading is likely to be interrupted and your business may be put to considerable additional expense.Cover is provided on an All Risks basis:-• Loss of Gross Profit as a result of a reduced level of trading.• Reasonable expenses necessarily incurred to maintain trading and reduce the loss of Gross Profit such as the costs of renting and setting up temporary premises.resulting from loss or damage covered under Section 1.


More Definitions of Loss of Gross Profit

Loss of Gross Profit means the Insured('s) sales revenue projected prior to the happening of an Insured Event, but which has been lost during a period of 12 months beginning after the decrease in sales attributable to and caused directly by an Insured Event: i. less the variable costs that would have been incurred during the same period, but which have been saved as a result of not making those sales (including the cost of raw materials and all other saved costs; and ii. less the increased sales of another Insured Product(s) within the same product line as the affected product(s) claimed in the Loss as a result of an Insured Event.
Sample 1
Loss of Gross Profit means the shortfall in sales resulting solely and directly from an Insured Event and is the calculation of: a. The result of applying the rate of gross profit earned on the turnover during the financial year immediately prior to the Insured Event to the amount by which the standard sales fall short during the Indemnity Period; less b. Any sum saved during the Indemnity Period for charges and expenses payable out of the gross profit which may be reduced; plus the offset of c. Any increased sales of Insured Product(s) not subject to the Insured Event within the same product line. Standard sales are the turnover during the twelve (12) month period before the Indemnity Period. Gross profit is calculated as: (1) The sum of the turnover and the amounts of the closing stock and work in progress; less (2) The sum of the amounts of the opening stock and work in progress and the variable costs of production including but not limited to expense of components, raw materials, transportation, and utilities.
Sample 1

Related to Loss of Gross Profit

  • Gross Profit means 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.

  • Gross Profits means the gross profits calculated under section 4;

  • Gross Operating Profit For any Fiscal Year, the excess of Gross Revenues for such Fiscal Year over Gross Operating Expenses for such Fiscal Year.

  • Rate of Gross Profit means the gross profit earned expressed as a percentage of the turnover during the period between the date of the commencement of the business and the date of the incident.

  • Operating Profit means the excess of Gross Revenues over the following deductions (“Deductions”) incurred by Manager, on behalf of Owner, in operating the Hotel:

  • Gross Operating Revenues means, for any period of time for any Hotel Property, without duplication, all income and proceeds of sales of every kind (whether in cash or on credit and computed on an accrual basis) received by the owner (or, if such Hotel Property is ground leased, the ground lessee) of such Hotel Property or the applicable Operating Lessee or Manager for the use, occupancy or enjoyment of such Hotel Property or the sale of any goods, services or other items sold on or provided from such Hotel Property in the ordinary course of operation of such Hotel Property, including, without limitation, all income received from tenants, transient guests, lessees, licensees and concessionaires and other services to guests at such Hotel Property, and the proceeds from business interruption insurance, but excluding the following: (i) any excise, sales or use taxes or similar governmental charges collected directly from patrons or guests, or as a part of the sales price of any goods, services or displays, such as gross receipts, admission, cabaret or similar or equivalent taxes; (ii) receipts from condemnation awards or sales in lieu of or under threat of condemnation; (iii) proceeds of insurance (other than business interruption insurance); (iv) other allowances and deductions as provided by the Uniform System in determining the sum contemplated by this definition, by whatever name, it may be called; (v) proceeds of sales, whether dispositions of capital assets, FF&E or equipment (other than sales of Inventory in the ordinary course of business); (vi) gross receipts received by tenants, lessees (other than Operating Lessees), licensees or concessionaires of the owner (or, if such Hotel Property is ground leased, the ground lessee) of such Hotel Property; (vii) consideration received at such Hotel Property for hotel accommodations, goods and services to be provided at other hotels although arranged by, for or on behalf of, and paid over to, the applicable Manager; (viii) tips, service charges and gratuities collected for the benefit of employees; (ix) proceeds of any financing; (x) working capital provided by the Parent Guarantor or any Subsidiary of the Parent Guarantor or the applicable Operating Lessee; (xi) amounts collected from guests or patrons of such Hotel Property on behalf of tenants of such Hotel Property and other third parties; (xii) the value of any goods or services in excess of actual amounts paid (in cash or services) provided by the applicable Manager on a complimentary or discounted basis; and (xiii) other income or proceeds resulting other than from the use or occupancy of such Hotel Property, or any part thereof, or other than from the sale of goods, services or other items sold on or provided from such Hotel Property in the ordinary course of business. Gross Operating Revenues shall be reduced by credits or refunds to guests at such Hotel Property.

  • Operating Profits means, as applied to any Person for any period, the operating income of such Person for such period, as determined in accordance with GAAP.

  • Total Profit means the aggregate amount (before taxes) of the following: (i) the amount received by Grantee pursuant to Issuer's repurchase of the Option (or any portion thereof) pursuant to Section 7, (ii) (x) the amount received by Grantee pursuant to Issuer's repurchase of Option Shares pursuant to Section 7, less (y) the Grantee's purchase price for such Option Shares, (iii) (x) the net cash amounts received by Grantee pursuant to the sale of Option Shares (or any other securities into which such Option Shares are converted or exchanged) to any unaffiliated party, less (y) the Grantee's purchase price of such Option Shares, (iv) any amounts received by Grantee on the transfer of the Option (or any portion thereof) to any unaffiliated party, and (v) any amount equivalent to the foregoing with respect to the Substitute Option.

  • Supplier Profit Margin means, in relation to a period, the Supplier Profit for the relevant period divided by the total Charges over the same period in respect of any Call Off Agreements and expressed as a percentage;

  • Net Sales Revenue shall have the meaning as set out in Schedule "A"

  • own-source revenue means adjusted underlying revenue other than revenue that is not under the control of council (including government grants)

  • Floating Profit/Loss means current profit/loss on Open Positions calculated at the current Quotes.

  • Supplier Profit means, in relation to a period, the difference between the total Charges (in nominal cash flow terms but excluding any Deductions (as defined in Call Off Schedule 1 (Definitions)) and total Costs (in nominal cash flow terms) in respect of any Call Off Agreements for the relevant period;

  • Adjusted Net Operating Income means, with respect to a Property for any given period, Net Operating Income of such Property for such period minus Capital Reserves for such period.

  • Adjusted Gross Sales means for either party distributing and selling Product (in this Section the “Selling Party”):

  • PRE-2017 NET OPERATING LOSS CARRYFORWARD means any net operating loss incurred in a taxable year beginning before January 1, 2017, to the extent such loss was permitted, by a resolution or ordinance of the Municipality that was adopted by the Municipality before January 1, 2016, to be carried forward and utilized to offset income or net profit generated in such Municipality in future taxable years.(B) For the purpose of calculating municipal taxable income, any pre-2017 net operating loss carryforward may be carried forward to any taxable year, including taxable years beginning in 2017 or thereafter, for the number of taxable years provided in the resolution or ordinance or until fully utilized, whichever is earlier.

  • Sales Revenue means receipts from the sale, lease, or rental of goods, services, or property;

  • Net Revenue means an entity’s total revenue less its operating expenses, interest paid, depreciation, and taxes. “Net Revenue” is synonymous with “Profit.”

  • Operating Revenue means amounts accrued or charge to customers, cli- ents, and tenants, for the sale of prod- ucts manufactured or purchased for re- sale, for services, and for rentals of property held primarily for leasing to others. It includes both reimbursable costs and fees under cost-type con- tracts and percentage-of-completion sales accruals except that it includesonly the fee for management contracts under which the contractor acts essen- tially as an agent of the Government in the erection or operation of Govern- ment-owned facilities. It excludes inci- dental interest, dividends, royalty, and rental income, and proceeds from the sale of assets used in the business.

  • Gross Income from Operations means, during any period, all sustainable income as reported on the financial statements delivered by Borrower in accordance with this Agreement, computed in accordance with GAAP, derived from the ownership and operation of the Property from whatever source during such period, including (i) Rents from Tenants that are in occupancy, open for business and paying full contractual rent without right of offset or credit, (ii) utility charges, (iii) escalations, (iv) forfeited security deposits, (v) interest on credit accounts, (vi) service fees or charges, (vii) license fees, (viii) parking fees, (ix) rent concessions or credits, (x) income from vending machines, (xi) business interruption or other loss of income or rental insurance proceeds, (xii) other required pass-throughs and (xiii) interest on Reserve Funds, if any, but excluding (i) Rents from month-to-month Tenants, Tenants during a free-rent period, or Tenants that are included in any Bankruptcy Action, (ii) sales, use and occupancy or other taxes on receipts required to be accounted for by Borrower to any Governmental Authority, (iii) refunds and uncollectible accounts, (iv) sales of furniture, fixtures and equipment, (v) Insurance Proceeds (other than business interruption or other loss of income or rental insurance), (vi) Awards, (vii) unforfeited security deposits, (viii) utility and other similar deposits and (ix) any disbursements to Borrower from the Reserve Funds, if any. Gross income shall not be diminished as a result of the Security Instrument or the creation of any intervening estate or interest in the Property or any part thereof.

  • Total Revenues means revenues from all taxes and fees, excluding revenue from funds managed by local government on behalf of a specific third party, and does not include the proceeds from borrowing or asset sales.

  • Gross weight means the aggregate weight of a vehicle or combination of vehicles and the load

  • Net Sales means [***].

  • Annual Net Sales means, with respect to any Calendar Year, the aggregate amount of the Net Sales for such Calendar Year.

  • Common profits means the balance of all income, rents, profits and revenues from the common areas and facilities remaining after the deduction of the common expenses;

  • Adjusted gross receipts means the gross receipts less winnings paid to wagerers.