Risks : BI
If, following any incident giving rise to a claim under this policy, the Insured shall hold a salvage sale during the indemnity period, clause (a) of the item on Gross Profit shall, for the purpose of such claim, read as follows:
(a) In respect of Reduction in Turnover : the sum produced by applying the Rate
of Gross Profit to the amount by which the Turnover during the indemnity period (less the
Turnover for the period of the salvage sale) shall, in consequence of the incident, fall
short of the Standard Turnover, from which sum shall be deducted the Gross Profit
actually earned during the period of the salvage sale.
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.
Comments
Post a Comment