SALVAGE SALE - BI

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.

The Return of Premium Clause (1/3 Premium) - BI

Risks : BI

If the Insured declares at the latest six months after the expiry of any policy year that the Gross Profit earned during the accounting period of twelve months most nearly concurrent with any period of insurance, as certified by the Insured’s auditors, was less than the sum insured thereon, a pro rata return of premium not exceeding one third of the premium paid on such sum insured for such period of insurance shall be made in respect of the difference. If any loss destruction or damage has occurred giving rise to a claim under this policy, such return shall be made in respect only if so much of said difference as is not due to such loss destruction or damage.

PUBLIC UTILITIES - BI

Risks : BI Any loss as insured by this policy resulting from interruption of or interference with the Business in consequence of loss destruction or damage at the undernoted situations or to property as undernoted shall be deemed to be an incident. Property at any a. Generating station or sub-station of the public electricity supply undertaking b. Land based premises of the public gas supply undertaking or of any natural gas producer linked directly therewith c. Water works or pumping station of the public water supply undertaking d. Land based premises of the public telecommunications undertaking e. from which the Insured obtains (electricity) (gas) (water) or (telecommunications services) all in Indonesia

Professional Accountant Clause

Risks : BI Any particulars or details contained in the Insured’s books account or other business books or documents which may be required by the Company for the purpose of investigation or verifying any claim hereunder may be produced by professional accountants if at the time they are regularly acting as such for the Insured and their report shall be prima facie evidence at the particular and details to which such report relates. The insurer will pay to the Insured the reasonable charges payable by the Insured to their professional accountants for producing such particulars or details or any other proofs, information or evidence as may be required by the Insurer under the terms of Claims Condition of this policy and reporting that such particulars or details are in accordance with the Insured’s books of accounts or other business books or documents. Provided that the Sum of the amount payable under this clause and the amount otherwise payable under the policy shall in no case exceed the liability of the Insurer as stated.

PREVENTION ON ACCESS - BI

Risks : BI In consideration of the payment of an additional premium, which is included in the premium hereon, any loss as insured by this policy resulting from interruption of or interference with the Business in consequence of loss destruction or damage at the undernoted situations or to property as undernoted shall be deemed to be an incident Property in the vicinity of the Premises, loss or destruction of or damage to which shall prevent or hinder the use of the premises or access thereto, whether the premises or property of the Insured therein shall be damaged or not, and including loss or destruction of or damage to property of any supply undertaking from which the Insured obtains electricity, gas or water, or telecommunications services which prevents or hinders the supply of such services, to the premises.

ALTERNATIVE TRADING CLAUSE

If during the indemnity period goods shall be sold or services 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 Gross Revenue during the indemnity period.

ADDITIONAL INCREASED IN COST OF WORKING

“The insurance under this item is limited to increase in cost of working (not otherwise recoverable hereunder) necessarily and reasonably incurred during the Indemnity Period in consequence of the damage for the purpose of avoiding or diminishing reduction in Turnover and/or resuming and/or maintaining normal business operations and/or services.”

LITERATURE

·  Additional Cost of Working / Increased Cost of Working - The increased costs incurred after a property damage loss, to limit any reduction in turnover or revenue, and to maintain normal business operations. These expenses could include such items as hiring alternate premises, temporary staff, additional freight or storage etc. (Most policies limit the amount they will pay for these costs to the amount that is being saved in turnover or revenue - i.e. you cannot spend more than a dollar to save a dollar).

·  Additional Increased Cost of Working - The increased costs incurred after a property damage loss, above those payable under the standard cover for Increased Cost of Working. These will generally include any reasonable costs irrespective of whether they limit any reduction in turnover or revenue. These additional increased costs are often expended to keep or regain market share, and to maintain normal business operations.

ADDITIONAL EXPENDITURE CLAUSE

It is hereby noted and agreed that in the event of any loss in respect of Property covered under the Policy an increase of 10% of the Original Sum Insured of Business Interruption per anumm shall be allowed over and above the original Sum Insured stated in the Certificate during the Period of the lease, such escalation being applied on a pro-rate basis for parts of a year

ACCUMULATED STOCK

In adjusting any loss account shall be taken and an equitable allowance  made if any reduction in Turnover due to the incident is postponed by reason of the Turnover being temporarily maintained from accumulated stocks of finished goods.

ACCIDENTAL FAILURE OF PUBLIC SUPPLY on BUSINESS INTERRUPTION INSURANCE

ACCIDENTAL FAILURE OF PUBLIC SUPPLY

Risks : BI

Any loss as insured by this policy resulting from interruption of or interference with the Business in consequence of loss destruction or damage at the undernoted situations or to property as undernoted shall be deemed to be an incident.

The Contingencies

The accidental failure of

The public supply of electricity

The public supply of water

The public supply of telecommunications services resulting from

 i. Failure of satellites

ii. Failure from any other cause

but excluding any failure

 i.which does not involve a cessation of supply for at least …  consecutive minutes  

   hours/days

ii.due to an Excluded cause