Insurance Policy Extract - Mark IV Industrial Special Risks - Definition Of Rate Of Payroll

RATE OF PAYROLL:

The Rate of Payroll to turnover during the financial year immediately before the date of the Damage.

The Rate of Payroll is subject to the Adjustments Clause which states:

ADJUSTMENTS CLAUSE:

To which such adjustments shall be made as may be necessary to provide for the trend of the Business and for variations in or other circumstances affecting the Business either before or after the Damage or which would have affected the Business had the Damage not occurred so that the figures thus adjusted shall represent as nearly as may be reasonably practicable the results which, but for the Damage, would have been obtained during the relative period after the Damage.

Insurance Policy

Country: - Australia

Policy Description: - Mark IV Industrial Special Risks (ISR) Policy

Insurer: - Various

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