Rate of Gross Profit definition

Rate of Gross Profit means the gross profit earned expressed as a percentage of the turnover during the period between the date of the commencement of the business and the date of the incident.

Rate of Gross Profit means the Rate of Gross Profit, expressed as a percentage, earned on the Turnover during the financial year immediately before the date of the Damage.*

Rate of Gross Profit means the Rate of Gross Profit earned on the Turnover during the financial year immediately before the date of the loss, destruction or damage by a peril insured against.

Examples of Rate of Gross Profit in a sentence

• The sum produced by applying the Rate of Gross Profit to the amount by which the Turnover during the Indemnity Period shall in consequence of the damage fall short of the Standard Turnover.

• Rate of Gross Profit The rate of Gross Profit earned on the Turnover during the financial year immediately before the date of the Damage.

• Provided that if the Declared Value of Gross Profit at the commencement of each Period of Insurance be less than the sum produced by applying the Rate of Gross Profit to the Annual Turnover (or its proportionately increased multiple thereof, where the Indemnity Period exceeds 12 months), the amount payable hereunder shall be proportionately reduced.

• 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.

• 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.

More Definitions of Rate of Gross Profit

Rate of Gross Profit means the proportion that the Gross Profit bears to the Turnover during the financial year immediately before the date of the Damage.

Rate of Gross Profit means the proportion that the Gross Profit bears to the Turnover during the financial year immediately before the day of commencement of the Period of Insurance.

Rate of Gross Profit the “rate of gross profit" earned on the “turnover" during the financial year immediately before the date of the destruction or damage by perils insured against

Rate of Gross Profit means the Rate of Gross Profit earned on the “Turnover”: during the financial year immediately before the date of the destruction or damage by perils insured against.

Rate of Gross Profit means the rate of gross profit earned on the turnover during the financial year immediately before the date of the property damage 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 property damage or which would have affected the business had the property damage not occurred, so that the figures thus adjusted shall represent as nearly as may be reasonably practicable the results which but for the property damage would have been obtained during the relative period after the property damage.

Rate of Gross Profit means the rate of gross profit earned on the turnover during the financial year immediately before the date of the destruction or damage by perils insured against to which such adjustments shall be made as may be necessary to provide for the trend of the business and for variations in or special circumstances affecting the business either before or after the destruction or damage by perils insured against or which would have affected the business had the destruction or damage by perils insured against not occurred, so that the figures thus adjusted shall represent as nearly as may be reasonably practicable the results which but for the destruction or damage by perils insured against would have been obtained during the relative period after the destruction or damage by perils insured against.

Rate of Gross Profit the "rate of gross profit" to which such adjustments shall be made as may be earned on the Turnover during the financial year necessary to provide for the trend of the business and for immediately before the date of the destruction or variations in or special circumstances affecting the damage by perils insured against business either before or after the destruction or damage by perils insured against or which would have affected the financial year