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

• 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.

• In the event of Damage occurring at the Situation before the completion of the first year’s trading of the Business, the terms “Rate of Gross Profit”, “Annual Turnover”, “Standard Turnover” and “Rate of Payroll” shall have the following meanings wherever they appear in this Section: Rate of Gross Profit means the proportion that the Gross Profit bears to the Turnover during the period between the date of commencement of the Business and the date of the Damage.

• Under-insurance If the Sum Insured for Gross Profit at the commencement of each Period of Insurance is less than the sum produced by applying the Rate of Gross Profit to 80% of the Annual Turnover, (or a proportionately increased multiple of it, where the Indemnity Period exceeds 52 weeks) the amount payable under this Section will be proportionately reduced.

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 means the percentage of Gross Profit earned on the Turnover during the financial year immediately before the date of the Accident.

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.