Page 54 - Hollard Business Branch Policy Wording

Business Interrup on
Standard turnover, standard revenue and/or standard gross rentals
The turnover (revenue) (gross rentals) during that period in the twelve months immediately before the date of the damage which corresponds with the indemnity period
to which such adjustments shall be made as may be necessary to provide for the trend of the business and for varia ons or other circumstances a ec ng the business either before or a er the damage or which would have a ected the business had the damage not occurred, so that the gures thus adjusted shall represent as nearly as may be reasonably prac cable the results which, but for the damage, would have been obtained during the rela ve period a er the damage.
Note: If the damage occurs before the comple on of rst year's trading of the business at the premises, the value of bracketed terms shall be calculated by using values propor onate to the results obtained during the period between the commencement of the business and the date of damage.
Annual turnover, annual revenue and/or annual gross rentals
The turnover (revenue) (gross rentals) during the twelve months immediately before the date of the damage
Rate of gross pro t
The rate of gross pro t earned on the turnover during the nancial year immediately before the date of the Damage
CLAUSES AND EXTENSIONS
1. Accountants
Any par culars or details contained in the Insured's books of account or other business books or documents which may be required by the Company under this Sec on for the purpose of inves ga ng or verifying any claim hereunder, may be produced and cer ed by the Insured's auditors or professional accountants, and their cer cate shall be prima facie evidence of the par culars and details to which it relates.
2. Accumulated stocks
In adjus ng any loss, account shall be taken and an equitable allowance made if any shortage in turnover or revenue due to the Damage is postponed by reason of the turnover or revenue being temporarily maintained from accumulated stocks.
3. Departmental
If the business is conducted in departments or branches, the independent trading results of which are ascertainable, the provisions under items 1 (gross pro t), 2 (gross rentals) or 3 (revenue) rela ng to reduc on in turnover/gross rentals/revenue and increase in cost of working, shall apply separately to each department or branch a ected by the damage, except that if the sum insured by the rela ve item is less than the aggregate of the annual gross rentals (annual revenue) (sums produced by applying the rate of gross pro t for each department or branch, whether or not a ected by the damage, to the rela ve annual turnover thereof) (propor onately increased if the number of months referred to in the de ni on of indemnity period exceeds 12 (twelve)), the amount payable shall be propor onately reduced.
Hollard Business Policy – Branch – Version 1 2018 Page | 53