Page 305 - Fire Insurance Ebook IC 57

The Insurance Times

alternative facilities available for carrying out the
business etc. The Insured should choose the
longest possible indemnity period which would
enable him to stabilize his business following a
serious fire. The period of insurance though is
one year, if the fire occurs during the period of
insurance, the indemnity period may well extend
beyond the expiry date of the insurance.

(f) Rate of Gross Profit - The rate of Gross Profit
earned on the turnover during the financial year
immediately before the date of the damage.

(g) Annual Turnover - The turnover during the twelve
months immediately before the date of damage.

(h) Standard Turnover - The turnover during that
period in the twelve months immediately before the
date of the damage which corresponds with the
Indemnity Period.

(i) Adjustment Clause - The Adjustment Clause is

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