Page 349 - Fire Insurance Ebook IC 57

The Insurance Times

indemnity period falls short of the standard gross
revenue.
(ii) Additional expenditure incurred for avoiding or
diminishing the loss of gross revenue.
(iii) Subject to average if the sum insured is less than
the Annual Revenue.

Q9. Discuss the concept of gross fees policy.

Ans. This policy is suitable for professional persons such as
solicitors, chartered accountants etc. The policy is similar
to the Revenue Policy but with some additional items of
coverage. The gross fees is defined as the money paid
or payable to the insured for services rendered in course
of the business of the insured.

The specification provides for three items of coverage:
(i) On Gross Fees
(ii) On Additional Expenditure and
(iii) On legal, clerical & other charges.

Gross Fees insurance is in respect of Loss of Gross
Fees and Standard Cost of Working.

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