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Glossary of Terms

TermDefinition
Gross ProfitThe amount by which: (a) The sum of the Turnover and the amount of the Closing Stock and work in Progress shall exceed. (b) The sum of the amount of the Opening Stock and Work in Progress and the amount of the Uninsured Working Expenses as set out in the Schedule. NOTE:  The amounts of the Opening and Closing Stocks and Work in Progress shall be arrived at in accordance with the Insureds normal accountancy methods, due provision being made for depreciation.
Gross Profit (Business Interruption)The amount by which: (a) The sum of the Turnover and the amount of the Closing Stock and work in Progress shall exceed. (b) The sum of the amount of the Opening Stock and Work in Progress and the amount of the Uninsured Working Expenses as set out in the Schedule. NOTE: The amounts of the Opening and Closing Stocks and Work in Progress shall be arrived at in accordance with the Insureds normal accountancy methods, due provision being made for depreciation.