Page 66 - Agriculture Policy Wording Binder

Revenue (Other than Wine & Related Products)
Business Interruption
Item 6 – (ii) Contractual commitments to growers (Wine Cellars Only)
The insurance under this item is limited to the Insured’s contractual commitments and the amount payable as indemnity hereunder shall be such sum as the Insured shall be legally liable to pay under contracts for the purchase of grapes not used or processed, less any sums receivable by the Insured in respect of such grapes through any salvage handling operations or resale solely in consequence of the Damage during the period commencing with the date of the Damage and ending not later than 12 (twelve) months thereafter;
PROVIDED THAT:
1. if the sum insured by this item shall be less than the total contractual commitments that would have been paid during the 12 months immediately following the Damage had the Damage not occurred, the amount payable shall be proportionately reduced
2. written proof of such contractual commitments must be submitted to the Company if so required.
DEFINITIONS
Indemnity period
The period beginning with the commencement of the Damage and ending not later than the number of months thereafter stated in the Schedule during which the results of the business shall be affected in consequence of the Damage.
The money paid or payable to the Insured for goods sold and delivered and for services rendered in the course of the business at the premises.
The money paid or payable to the Insured for goods sold and for services rendered in the course of the business at the premises.
Turnover
Revenue (Wine & Related Products)
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Policy Wording – Agriculture – Binder – Version 2 2023
The amount payable to the Insured is limited to the net payment calculated on the tonnage delivered plus the fixed costs, Co-operative commission (in the case of a Co-operative) and processing commission (in the case of a Company) for a specific pool for expenditure already incurred and revenue from services rendered including the monetary value of the closing (unsold) stock;
PROVIDED THAT:
In respect of wine and related products purchased for the purpose:
1. of mixing and/or blending or
2. to replenish shortages of wine for the purpose to fulfill and meet existing contracts
Will be considered and regarded as forming part of Revenue
less any sum saved during the indemnity period in respect of such costs and expenses of the business as my cease or be reduced in consequence of the Damage
Gross rentals
The money paid or payable to the Insured by tenants in respect of rental of the premises and for services rendered.
The amount by which:
1. the sum of the turnover and the amount of the closing stock shall exceed;
2. the sum of the amount of the opening stock and the amount of the uninsured costs.
The amount of the opening and closing stocks shall be arrived at in accordance with the Insured’s normal accountancy methods, due provision being made for depreciation.
The sum produced by adding to the net profit the amount of the insured standing charges or, if there is no net profit, the amount of the insured standing charges less such proportion of any net trading loss as the amount of the insured standing charges bears to all the standing charges of the business.
Gross profit – difference basis
Gross profit – additions basis
Uninsured costs
As specified in the Schedule (the words and expressions used shall have the meaning usually attached to them in the books and accounts of the Insured).