Risks : BI
For businesses which have not completed a full year working
Rate of Gross Profit:
Rate of Gross Profit earned on the Turnover during the period between the date of the commencement of the Business and the date of the incident
Annual Turnover:
The proportional equivalent, for a period of twelve months, of the Turnover released during the period between the commencement of the Business and the date of the Incident
Standard Turnover:
The proportional equivalent, for a period equal to the indemnity period, of the Turnover released during the period between the commencement of the Business, and the date of the incident
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 incident which wold have been affecting the Business had the incident not occurred, so that the figure thus adjusted shall represent as nearly as may be reasonably practicable the results which but for the incident would have been obtained during the relative period after the incident.
Where the subject-matter insured hereunder (or any apportionable part) becomes missing and after the lapse of a reasonable time has not been located, an actual total loss of the subject-matter insured (or any apportionable party) may be presumed. For the purposes of this insurance, there shall be deemed to have been the lapse of a reasonable time where delivery to the consignees’ or other final warehouse or place of storage at the destination named herein has not been effected within 90 days of the expected date of such delivery. If, after the payment by the Insurer(s) of an actual total loss as provided for above, this subject-matter insured or whatever may remain thereof is located, the ownership and all proprietary rights incidental thereto shall be vested is the Insurer(s) the subject-matter insured of whatever may remain thereof.