1. ACCOUNTANTS CLAUSE
It is understood and agreed that
any particulars or details contained in the Insured’s books of account or other
business books or document which may be required by the Insurers for the
purpose of Investigating or verifying any claims hereunder may produced
and certified by Insured’s auditors and their certificate shall be prima facie
evidence of the particulars and details to which such certificate relates.
2. ACCUMULATION
OF STOCKS CLAUSE
In adjusting any loss, account
shall be taken and an equitable allowance made if shortage in Turnover due to
the Damage is postponed by reason of the Turnover being temporarily
maintained from accumulated stocks, either at the Department of Factories of
the Group.
3. ADDITIONAL
INCREASE IN COST OF WORKING CLAUSE
The insurance under this item is
limited to such further additional expenditure beyond that recoverable under
clause (b) of the Gross Rental Specification as the insured shall necessarily
and reasonably incur during the Indemnity Period in consequence of the Incident
for the purpose of avoiding or diminishing the reduction in Turnover.
4. ALTERNATIVE
TRADING CLAUSE
If during the indemnity period
goods shall be sold or services be rendered elsewhere than at the premises for
the benefit of the business either by the Insured or by others on the Insured’s
behalf the money paid or payable in respect of such work or services shall be
brought into account in arriving at the turnover during the indemnity period.
5. AUDITORS
CHARGES CLAUSE
The Insured under item (3) is
limited to the reasonable charges payable by the Insured to their Auditors
producing and certifying any particulars or details contained in the Insured’s
books of Accountant of Business books or documents such order proofs. Information
or evidence as may be required by the company under the terms of conditions of
this policy.
6. BOOK OF
ACCOUNT CLAUSE
Any particulars or details
contained in the Insured’s books of account or other business books or
documents which may be required by the Insurer (s) for the purpose of
investigating or verifying any claim hereunder may be produced and certified by
the Insured’s auditors and their certified shall be prima facie evidence of the
particulars and details to which such certificates relates.
7. CLOSURE BY
PUBLIC AUTHORITIES CLAUSE
It is hereby declared and agreed
that loss as Insured by this policy resulting from interruption or interference
with the Business directly or indirectly arising from closure or evacuation of
the whole or part of the premises by order of a competent public authority due
to the operation of the cause insured by this policy shall be deemed to be loss
resulting from Damage to property used by the Insured at Premises.
8. CUSTOMERS
EXTENSION
Subject to the Conditions of the
Policy loss as insured by this Policy resulting from interruption of or
interference of or interference with the business in consequence of
damage (as within defined) to property on the premises of the Insured’s customer
(s) at the undernoted situation shall be deemed to be loss resulting from
damage to property used by the Insured at the premises provided that if the
percentage shown against the name of the customer at whose premises
damage has occurred shall be less than the percentage of the annual
turnover derived by the Insured from that customer, the amount otherwise
payable under the terms of this memorandum in respect of that customer
shall be proportionately reduced.
9. DENIAL OF
ACCESS
It is hereby declared and agreed
that subject to the conditions of this Policy covers loss as Insured by this
policy resulting from interruption of or interference with the business in
consequence of damage (as within defined) to property in the vicinity of the
premises which shall prevent or hinder the use thereof or access thereto,
whether the premises or property of the insured therein shall be damaged or
not, shall be deemed to be loss resulting from damage to property used by the
insured at the premises.
10.Departmental
Clause
If the business be conducted in
by individual companies/divisions or departments the independent trading
results of which are ascertainable, it is agreed that the provision hereof may
at the option of insured apply separately to each such company/division or
department affected by the loss, destruction or damage.
With regard to agreements
between individual companies relating to the lease or rental of property, each
individual company insured hereunder shall be deemed to be separately insured.
11.FAILURE OF
PUBLIC UTILITIES CLAUSE (Version 1)
Loss as Insured by this Policy
resulting from interruption of or interference with the business in consequence
of damage (as within defined) to property at an electricity station or
sub-station from which the Insured obtain electric current shall be deemed to
be loss resulting from damage to property used by the Insured at the premises
provided that the Company shall not be liable for any loss Insured by this
extension unless the failure of electric current from such electricity station
or sub-station exceed a period 72 hours and the liability of the Company under
this extension shall apply only to such period in excess of 72 hours.
12.FAILURE OF
PUBLIC UTILITIES CLAUSE (Version 2)
It is hereby agreed and declared
that this Insurance shall, subject to the conditions of this policy and to all
provisions and limitations contained therein, extend to include loss as
described therein resulting from Interruption of the supply of electric power
(or gas) to the premises of the Insured due to damage by Fire or Lightning or
Explosion or Impact of aircraft occurring at any electric power station or
substation (or gas works) in Indonesia, but excluding any transmission lines.
13.GROSS
PROFIT
The insurance under this item is
limited to loss of Gross Profit due to :
A. Reduction is turnover and (b)
Increase in cost of working and the amount payable as indemnity
thereunder shall be :
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 shall, in consequence of the Damage, fall short of
the Standard Turnover.
B. In
respect of increase in Cost of Working :
The additional expenditure
necessarily and reasonably incurred for the sole purpose of
avoiding or diminishing the reduction in Turnover which, but for that
expenditure, would have taken place during the Indemnity Period in consequence
of the Damage, but not exceeding the sum produced by applying the
Rate of Gross Profit to the amount of the reduction thereby avoided.
Less any sum save during the
Indemnity Period in respect of such of the charges and expenses of the
Business payable out of Gross Profit as may cease or be reduced
in consequence of the damage.
14.INCREASE
BUSINESS CLAUSE
In the event of the
gross profit earned during any annual period of insurance (or during) the
accounting period of twelve months most nearly concurrent with any period of
insurance), as certified by the insured thereof an a prorata additional premium
not exceeding 10 percent the premium paid on such sum insured from such period
of Insurance will be charges in respect of difference.
15.LEEWAY
CLAUSE
In the event of the Gross Profit
earned during any annual period of insurance (or during the accounting period
of 12 months more nearly concurrent with any period of insurance) as certified
by the insured’s Auditors being greater than the sum insured thereon, the
insured will be held covered to the extent of 15% of the sum insured thereof
and prorata additional premium not exceeding 15% of the premium pald on such
Sum Insured for such period of insurance will be charged in respect of the
difference.
16.MATERIAL
DAMAGE PROVISO WAIVER
It shall not be a condition
precedent to liability in respect of interruption of or interference in
consequent of damage that payment shall have been made or liability admitted
under the insurance covering the interest of the insured in the property at the
premises against such damage if no such payment shall have been made nor
liability admitted solely owing to the operation of a proviso in such insurance
excluding liability for losses below a specified amount.
17.MURDER,
ASSAULTS AND SUICIDE EXTENSION
It is hereby noted and agreed
that the term damage defined under this Policy shall extend to include murders,
assaults or suicide committed at the Insured Premises.
In consequence thereof,
interruption of or interference with the Insured’s business arising from
murders, assaults or suicide committed at the Insured premises, shall be
deemed to loss resulting from or consequence of an insurable damage under this
policy.
18.NEW
BUSINESS CLAUSE
In the event of Damage occurring
at the Premises before the completion of the first year’s trading of the
Business the terms “Rate of Gross Profit”, “Standard Turnover” and “Rate of
Pay-Roll” shall bear the following meanings and not as within stated :
Rate
of Gross Profit : The rate of
) to which such adjustments
Gross
Profit earned on the Turnover during ) shall be made as may be
the
period between the date of
the
) necessary to provide for the
commencement
of the Business and the date
of ) trend of the
business and
the
damage
) for variations in or other
Standard
Turnover : the proportional equivalent, )
circumstances affecting the
for
a period equal to the Indemnity Period, ) business either before or
for
the Turnover realized during the period ) after the damage or which
between
the commencement of the Business and ) would
have affected the
the
date of the Damage nearly as may be
) business had the damage not
reasonably
) occurred so that the figures
Rate
of Pay-Roll : the rate of Pay-Roll
to
) adjusted shall represent as
Turnover
during the period between the date
of ) nearly as may be
practicable
the
commencement of the Business and the
date ) the results which but for the
of
the
Damage.
) damage would have been
) obtained during the relative
) period after the damage.
19.PORT
BLOCKAGE CLAUSE
It is agreed and declared that
the Insurance provided under Section 2 of this Policy shall extend to include
loss resulting from the skinning or stranding of vessel within … to … which
prevents access to the Insured’s loading facilities resulting in interruption
of or interference with the Business of the Insured
20.PREVENTION
OF ACCESS CLAUSE
In consideration of the payment
of a additional premium which is included in the premium hereon it is hereby
agreed and declared that subject to the conditions of the Policy loss as
insured by this policy resulting from interruption of or interference with
business in consequence of damage (as within defined) to property in the
vicinity of the premises which shall prevent or hinder the use thereof or
access thereto, whether the premises or property of the Insured therein shall
be damaged or not, shall be deemed to be loss resulting from damage to property
used by the Insured at the premises.
Provided always that all the
provisions and conditions of this policy shall apply to the insurance by this
extension except in so far as they may be hereby expressly varied.
21.PROFESSIONAL
ACCOUNTANTS CLAUSE
Any particulars or details
contained in the Insured’s books of account or other business books or
documents which may be required by the Company under Condition 4 of this Policy
for the purpose of investigating or verifying any claim hereunder may be
professional accountants if at the time they are regularly acting as such for
the Insured and their report shall be prima facie evidence of the particulars
and details to which such report relates.
The Insurer will pay to the
Insured the reasonable charges payable by the Insured to their professional
accountants for producing such particulars or details or any other proofs,
information or reporting that such particulars or details are in accordance
with the Insured’s books or documents.
Provided that Sum of amount
payable under this clause and the amount otherwise payable under the policy
shall in no case exceed the Total Sum Insured by the Policy.
22.PROGRESS
CLAIM PAYMENT CLAUSE
It is hereby agreed and declared
that progress payment on account of any loss recoverable under this policy will
be made to the Insured on production of an interim report by the loss adjuster
(if appointed) or accountant, provided that such payments are deducted from the
finally agreed claim settlement figures.
23.REBATE
CLAUSE
In the event of Gross Profit
earned (or proportionately increased multiple thereof where the maximum
Indemnity period exceeds twelve months) during the accounting period most
nearly concurrent with any period of insurance as certified by the Insured’s Auditors,
being less than the sum insured thereon, a prorata return of premium not
exceeding 50 percent of the premium paid on such sum insured for such period of
insurance will be made in respect of the difference. If any damage shall have
occurred giving rise to a claim under this Policy, such return shall be made in
respect only of so much of the said difference as is not due to such damage.
Any application for return of premium shall be made by the Insured within 6
(six) months from the date of expiry of the policy.
24.RETURN OF
PREMIUM CLAUSE
In the event of Gross Profit
earned during the financial year most nearly concurrent with any period
of insurance as certified by the Insured thereon a prorata return of
premium not exceeding thirty percent (30%) of the premium paid on such sum
insured for such period of insurance will be made in respect of the
different. If any damage shall have occurred, giving rise to a claim under this
policy, such return shall be made in respect only so such of the said
difference as is not due to such damage.
25.SALVAGE
SALE CLAUSE
If following damage giving rise
to a claim under this policy the insured shall hold a salvage sale during the
indemnity period, clause (A) of item (1) of this Policy shall for the purpose
of such claim read as follows :
1. 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 sum shall be deducted the gross
profit actually earning during the period of the salvage sale.
26. STANDING
CHARGES CLAUSE
If any standing charges of the
business be not insured by this policy (having been deducted in arriving at the
Gross Profit as defined herein ) then in computing the amount recoverable
hereunder as increase in cost of working, that proportion only of any
additional expenditure shall be brought into account which the Gross Profit
bears to the Sum of the Gross Profit and the uninsured standing charges.
27.SUPPLIERS
AND CUSTOMERS EXTENSION CLAUSE
This Insurance under this
section extends to include the actual loss of Business Income sustained
resulting from the necessary interruption of or Interference with the Insured’s
Business operations as a result of any unforeseen, sudden and accidential physical
loss, destruction or damage to the premises of the following named Insured’s
third party suppliers and/or customs arising out of a peril which would have
been Insured under this Policy.
Named
Suppliers ( to be advised by the Insured and agreed with the Insurer prior to
Inception ).
Subject
to a Sum Insured of …………………….. in respect of each and every occurrence, which
is additional to the Sum Insured stated in the Schedule.
Named
Customers ( to be advised by the Insured and agree with the Insurer prior to
inception).
Subject to a Sum Insured of
……………………… in respect of each and every occurrence, which is
additional to the Sum Insured state in the Schedule.
Provided
that,
·
The
Insurance under this Exclusion shall only apply within the geographical limits
stated within the Schedule or as otherwise agreed with the Insurers.
·
The
Insurer’s liability in respect of any one occurrence shall not exceed the
limits shown above.
28.Turnover/Output
Clause
It is agreed that in the event
of a claim arising under this section, adjustment may be based on ‘turnover or
output’ or whatever other index of business activity affords the most equitable
result and except in the definition of turnover the word ‘turnover’ wherever
used in this policy shall mean sale value of goods manufactured by, or sold by,
the insured in the course of the business at the premises, provided that :
1. a) only one
such meaning shall be operative in connection with any one occurrence involving
damage;
2. b) if the
meaning set out in this clause be used, then memo 1 under indemnity period
shall be held to be altered to read as follows :
“If during the indemnity period
goods shall be manufactured and for processed elsewhere than at the premises
affected by the damage for the benefit of the business either by the insured or
by others on the insured’s behalf the sale value of the goods so manufactured
shall be brought into account in arriving at the output during the indemnity
period”.
29.UPWARD
ADJUSTMENT CLAUSE
The Insurance extends to cover
any increase in Gross Profit for an amount not exceeding 25% of the Sum Insured
thereon provided that the Insured undertake to advise the Insurers at the
end of the policy period of such increase and to pay the additional premium
thereon.
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