Shortage in Turnover definition

Shortage in Turnover means the amount by which the Turnover during an Indemnity Period, in consequence of the Damage, falls short of the part of the Standard Turnover for that period.
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Shortage in Turnover means: The amount by which the Turnover during a. period (less the Turnover for the period of the salvage sale) shall, in consequence of the Damage, fall short of the part of the Standard Turnover which relates to that period, from which shall be deducted the Pay-Roll paid out of the proceeds of the salvage sale.“ Premises in the Vicinity (Prevention of Access)Loss as insured by this Policy resulting from interruption of or interference with the Business in consequence of damage to property in the vicinity of the Premises caused by a peril, damage as a result of which is insured hereunder, which shall prevent or hinder the use thereof or access thereto, whether the Premises or property of the Insured therein shall be damaged or not, shall be deemed to be loss resulting from Damage to property used by the Insured at the Premises. Loss as insured by this Policy resulting from interruption of or interference with the Business in consequence of damage to property in the vicinity of and forming part of or contained in the complex of which the Premises forms part caused by a peril, damage as a result of which is insured hereunder, which results in a cessation or diminution of trade due to temporary falling away of potential custom whether the Premises or property of the Insured therein shall be damaged or not shall be deemed to be loss resulting from Damage to property used by the Insured at the Premises. Registered Vehicles and/or TrailersNotwithstanding the provisions of Property Exclusion 5, this Policy extends to include loss resulting from interruption of or interference with the Business occasioned by Damage to registered vehicles and/or trailers whilst such vehicles or trailers are at the Premises owned or occupied by the Insured; provided always that this Policy does not cover loss resulting from physical loss, destruction of or damage to such vehicles and/or trailers whilst they are being used on any public highway or thoroughfare.Exclusions Property Exclusions This Policy does not cover physical loss, destruction of, or damage to the following property or loss under Section 2 resulting therefrom:
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Shortage in Turnover. Means the amount by which the Turnover during a period shall in consequence of Insured Damage fall short of the part of the Standard Turnover which related to that period Site Means any parcel of land owned or occupied by The Insured. Situation Means the location or locations referred to in the Schedule Standard Gross Rentals Means the Gross Rentals during that period in the twelve months immediately before the date of Insured Damage which corresponds with the Indemnity Period; to which such adjustments shall be made as may be necessary to provide for the trend of the Business and for variations in or other circumstances affecting the Business either before or after Insured Damage or which would have affected the Business had Insured Damage not occurred, so that the figures thus adjusted shall represent as nearly as may be reasonably practicable the results which but for Insured Damage would have been obtained during the relative period after Insured Damage. Standard Gross Revenue Means the Gross Revenue during that period in the twelve months immediately before the date of the Insured Damage which corresponds with the Indemnity Period to which such adjustments shall be made as may be necessary to provide for the trend of the Business and for variations in or other circumstances affecting the Business either before or after the Insured Damage or which would have affected the Business had the Insured Damage not occurred, so that the figures thus adjusted shall represent as nearly as may be reasonably practicable the results which but for the Insured Damage would have been obtained during the relative period after the Insured Damage.
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Examples of Shortage in Turnover in a sentence

  • During the portion of the Indemnity Period beginning with the occurrence of the Damage and ending not later than the number of weeks thereafter specified in the Schedule: The sum produced by applying the Rate of Pay-Roll to the Shortage in Turnover during the said portion of the Indemnity Period, less any saving during the said portion of the Indemnity Period, through reduction in consequence of the Damage in the amount of Pay-Roll paid.

  • Shortage in Turnover The amount by which the Turnover during the Indemnity Period (Loss of Liquor Licence Insurance) shall in consequence of the forfeiture, suspension or withdrawal of the Premises Licence fall short of the Turnover which but for the loss of licence would have been achieved during the Indemnity Period (Loss of Liquor Licence Insurance).

  • Shortage in turnover Shortage in Turnover means the amount by which the Turnover during a period shall, in consequence of the Breakdown, fall short of the part of the Standard Turnover which relates to that period.

  • Additional Expenditure The additional expenditure necessarily and reasonably incurred for the sole purpose of avoiding or diminishing the Shortage in Turnover which would have occurred but for that expenditure during the Indemnity Period (Loss of Liquor Licence Insurance) in consequence of the loss of the Premises Licence but not exceeding the amount of the reduction in Gross Profit thereby avoided.

  • Shortage in Turnover means the amount by which the Turnover during an Indemnity Period, in consequence of the Damage, falls short of the Standard Turnover for that period.

  • Shortage in Turnover The amount by which the Turnover during a period shall, in consequence of the Damage, fall short of the part of the Standard Turnover which relates to that period.

  • Accumulated Stocks‌ In adjusting any loss, account shall be taken, and equitable allowance made if any Shortage in Turnover due to the Damage is postponed by reason of the Turnover being temporarily maintained from accumulated stocks of finished goods.

  • The definition of Shortage in Turnover shall, for the purpose of such claim, read as follows: Shortage in Turnover shall mean:the amount by which the Turnover during a period (less than Turnover for the period of the salvage sale) shall, in consequence of the Damage, fall short of the part of the Standard Turnover which relates to that period, from which shall be deducted the Payroll paid during the period of the salvage sale.

  • Additional Expenditure The additional expenditure necessarily and reasonably incurred for the sole purpose of avoiding or diminishing the Shortage in Turnover which would have occurred but for that expenditure during the Indemnity Period (Loss of Liquor Insurance) in consequence of the loss of the Premises Licence but not exceeding the amount of the reduction in Gross Profit thereby avoided.

  • Accumulated stock clausein adjusting any loss, account will be taken, and equitable allowance made, if any Shortage in Turnover or reduction in the Weekly Income due to Damage is postponedby reason of the Turnover or Weekly Income being temporarily maintained from accumulated stocks.


More Definitions of Shortage in Turnover

Shortage in Turnover means: The amount by which the Turnover during a. period (less the Turnover for the period of the salvage sale) shall, in consequence of the Damage, fall short of the part of the Standard Turnover which relates to that period, from which shall be deducted the Pay-Roll paid out of the proceeds of the salvage sale.“Loss as insured by Section 2 of the Policy resulting from interruption of or interference with the Business due to curtailment of any trade exhibition anywhere in the world in consequence of Damage thereat and/or to property exhibited therein by the Insured shall be deemed to be loss resulting from Damage to property used by the Insured at the Premises.Provided that the liability of the Insurer(s) shall be limited to the Sub-Limit of Liability stated in the Schedule of the Policy against ‘Trade Exhibitions’. Turnover Elsewhere After DamageIf during the Indemnity Period goods shall be sold or services shall be rendered elsewhere than at the Premises for the benefit of the Business either by the Insured or by others on the Insured’s behalf, the money paid or payable in respect of such sales or services shall be brought into account in arriving at the Turnover during the Indemnity Period. Turnover/Output AlternativeIf it gives a more equitable result in determining the actual loss sustained by the Insured, the term ‘Output’ may be substituted for the term ‘Turnover’ and, for the purpose of this Policy, ‘Output’ shall mean the sale and/or invoice value of goods manufactured and/or processed by the Insured in course of the Business at the Premises. Provided that only one such meaning shall be operative in connection with any one event involving Damage.If the meaning set out above be used:
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Shortage in Turnover means the amount by which the Turnover during a period (less the Turnover for the period of the salvage sale) shall, in consequence of the Damage, fall short of the part of the Standard Turnover which relates to that period, from which shall be deducted the Payroll paid out of the proceeds of the salvage sale.
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Shortage in Turnover means: The amount by which the Turnover during
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Related to Shortage in Turnover

  • Certificate of Substantial Completion means the certificate executed by the A/E, ODR and Contractor that documents to the best of A/E’s and ODR’s knowledge and understanding, Contractor’s sufficient completion of the work in accordance with the Contract, so as to be operational and fit for the use intended.

  • Declared Monthly Consumption means the Declared Monthly Consumption set out in the Acceptance Form for Electricity Supply.

  • Pendency of the procurement process means the time period commencing with the public notice of the request for proposals and ending with the award of the contract or the cancellation of the request for proposals.