Maximum Indemnity Period definition
Examples of Maximum Indemnity Period in a sentence
Indemnity Period (Business Interruption Insurance) The period beginning when the Damage occurs and ending when the results of the Business cease to be affected by the Damage but not exceeding the Maximum Indemnity Period (as shown in the Schedule).
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.
Provided that: if the Sum Insured by the item on Rent Receivable be 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.
If the declaration (adjusted as provided for above, and proportionally increased where the Maximum Indemnity Period exceeds twelve months) is: ▪ less than the estimated gross profit or estimated gross revenue for the relevant period the Company will allow a pro rata return premium not exceeding 50% of the premium paid on the estimated gross profit or estimated gross revenue.
Where any Sum Insured (not on a declaration linked basis of cover) by gross revenue or gross profit be less than the sum produced by applying the rate of gross profit or annual revenue to the turnover in the twelve (12) months immediately preceding the damage (or to a proportionately increased multiple thereof where the Maximum Indemnity Period exceeds twelve (12) months) the amount payable shall be proportionately reduced.
WAGES The remuneration (including EPF contribution, SOCSO, bonuses, holiday pay or other payments pertaining INDEMNITY The period beginning with the occurrence of the damage and ending not later than PERIOD the Maximum Indemnity Period thereafter during which the results of the business shall be affected in consequence of the damage.
If the Sum Insured under this Item E (Loss of Rent Receivable) is less than the Annual Rent Receivable (or proportionate to a multiple thereof where the Maximum Indemnity Period exceeds 12 (twelve) months) the amount payable by the Insurers shall be proportionately reduced.
Where the General Cover is arranged on a Flexible Limit of Loss or Flexible Loss basis, the Member's AER must refer to the full value exposure (representative of the Maximum Indemnity Period), the flexible loss limit is to be captured in the loss limit column.
In the event of the Wages (or a proportionately increased multiple thereof where the Maximum Indemnity Period exceeds twelve months) earned during the accounting period of twelve months most nearly concurrent with any period of insurance as certified by the Insured’s Auditors, being less than the sum insured thereon a pro-rata return of premium not exceeding fifty per cent (50%) of the premium paid on such sum insured for such period of insurance will be made in respect of the difference.
Provided that the Insurers liability any one loss under this clause shall not exceed 10% of the Sum Insured by the relevant item or €130,000 whichever is the less or the exhaustion of the Maximum Indemnity Period, which ever occurs earlier..