Insurance Policy Extract - Mark IV Industrial Special Risks Policy - Salvage Sale

If. following Damage giving rise to a claim under this Policy, the Insured shall hold a salvage sale during the Indemnity Period:

(i) Clause (a) of item I of this Section shall, for the purpose of such claim, read as follows:

(a) In respect of Reduction in Turnover the sum produced by applying the Rate of Gross Profit to the amount by which the Turnover during the Indemnity Period (less the Turnover for the period of the salvage sale) shall, in consequence of the Damage, fall short of the Standard Turnover, from which shall be deducted the Gross Profit actually earned during the period of the salvage sale.

(ii) The definition of "Shortage in Turnover" shall, for the purpose of such claim, read as follows:

Shortage in Turnover shall mean the amount by which the Turnover during a period (less the Turnover for the period of the salvage sale) shall, in consequence of the Damage, fall short of the part of the Standard Turnover which relates to that period, from which shall be deducted the Payroll paid during the period of the salvage sale.

Insurance Policy

Country: - Australia

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

Insurer: - Various

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