Page 54 - Policy Wording - Hollard Business Binder (2020-08-26)

Business Interruption
Rate
Description
Number of weeks
Rate
Short period wages
1 Fire rate x 600%
2 Fire rate x 525%
3 Fire rate x 465%
4 Fire rate x 410%
5 Fire rate x 380%
6 Fire rate x 345%
7 Fire rate x 310%
8 Fire rate x 285%
9 Fire rate x 270%
10 Fire rate x 250%
11 Fire rate x 240%
12 Fire rate x 230%
13 Fire rate x 220%
1.7 Fines and penalties
Limited to fines or penalties for breach of contract for non-completion or late completion of orders as a result of the damage.
Fines and penalties payable .175%
1.8 Deposit premium (declaration basis)
1.8.1 In some industries the turnover figure fluctuates drastically from month to month.
1.8.2 This option reduces admin so that the Insured does not have to amend the sums insured on a monthly basis.
1.8.3 At the end of the period of insurance, the premium is calculated and refunded or collected.
Apply Deposit Premium clause BI rate applicable x Deposit %
Rate
Description
Rate
Rate
Description
Rate
Limit
1.9 Accidental damage
1.9.1 1.9.2
The Accidental Damage section must be in force.
The wording limits the sum insured to the same sum insured as stated under the Accidental Damage section. These limits are not cumulative.
.125%
Rate
Description
Rate
Commercial Underwriting Mandates and Guidelines – Binder – Version 2 2020
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