Minggu, 01 September 2013

SALVAGES AND SALES CLAUSE

If following Damage giving rise to a claim under this Policy, the Insured shall hold a salvage sale during the Indemnity Period :
Clause (a) of item No.1 of this Section shall, for the purpose of such claim, read  as follows :
In respect of Reduction in Turnover
The sum insured produced by applying the Rate of Gross Profit to the amount by which the Turnover during the indemnity Period (less the Turnover the Period of the salvage sale) shall, in consequence of the Damage, fall short of the Standard Turnover, from which shall be deducted the Gross Profit actually earned during the period of the salvage sale.

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 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 the period, from which SPECIAL SELF-COMBUSTION COVERAGE CLAUSE
Subject to the Warranty underneath, it is hereby expressly understood and agreed that in consideration of the payment of an additional premium as arranged, this policy also covers loss or damage to the whole or any part of the property insured under item …. of the Schedule of the policy caused by self-combustion or self heating.

Warranted that the goods hereby insured shall be professionally stored.

OPTION 2
If following damage giving rise to a claim under this policy, the insured produced by applying sale during the indemnity period, clause (a) of item No.1 of this policy shall, for the purpose of such claim, read  as follows :
IN RESPECT OF REDUCTION IN TURNOVER  the sum insured produced by applying the rate of gross to the amount by which the turnover during the indemnity period (less the turnover the period of the salvage sale) shall, in consequence of the damage, fall short of the standard turnover, from which sum shall be deducted the gross profit actually earned during the period of the salvage sale.
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