Insurance Policy Extract - Mark IV Industrial Special Risks - Definition Of Gross Profit
GROSS PROFIT
the amount by which:
a. the sum of the Turnover and the amount of the Closing Stock and Work in Progress shall exceed
b. the sum of the amount of the Opening Stock and Work in Progress and the amount of the Uninsured Working Expenses as set out in the Schedule.
NOTE: The amounts of the Opening and Closing Stocks and Work in Progress shall be arrived at in accordance with the Insured's normal accountancy methods, due provision being made for depreciation.
Insurance Policy
Country: - Australia
Policy Description: - Mark IV Industrial Special Risks (ISR) Policy
Insurer: - Various
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