Harvard business reports (1930)

556 HARVARD BUSINESS REPORTS sprinkler leakage; earthquake; and windstorm and tornado. Theaters could also bond those employees handling cash. Following is a uniform standard policy for use and occupancy insurance. UNIFORM STANDARD NEW ENGLAND FORM NO. 705 (10-26) BUSINESS INTERRUPTION INDEMNITY (Use and Occupancy Insurance) (for mercantile or nonmanufacturing risks in steady operation "straight u. & o.") (PER DIEM LIMIT) The following, subject to the conditions and provisions printed on the back hereof, is attached to and forms part of Policy No. of the Name of insurance company issued at its Agency. Dated 19 $ On the Use and Occupancy of the property described below: The conditions of this contract are that if the building situated and occupied as and/or machinery and/or equipment contained therein be destroyed or damaged by fire occurring during the term of this policy so as to necessitate a total or partial suspension of business, this Company shall be liable under this policy for the actual loss sustained consisting of: I. Net profits on the business which is thereby prevented; II. Such fixed charges and expenses as must necessarily continue during a total or partial suspension of business, to the extent only that such fixed charges and expenses would have been earned had no fire occurred; III. Such expenses as are necessarily incurred for the purpose of reducing the loss under this policy; for not exceeding such length of time, commencing with the date of the fire and not limited by the date of expiration of this policy, as shall be required with the exercise of due diligence and despatch to rebuild, repair or replace such part of said building and machinery and equipment as may be destroyed or damaged subject to the following conditions and limits, to wit: Total Suspension Clause: The per diem liability under this policy during the time of total suspension of business of all the properties described herein shall be limited to the "Actual Loss Sustained," not exceeding 1/300 of the amount of this policy for each business day of such suspension, except that in the case of business being operated on Sundays and/or holidays, the said per diem liability shall not exceed 1/365 of the amount of this policy for each business day of suspension, due consideration in either case being given to the experience of the business before the fire and the probable experience thereafter. Partial Suspension Clause : The per diem liability under this policy during the time of a partial suspension of business shall be limited to the "Actual Loss Sustained," not exceeding that proportion of the per diem liability that would have been incurred by a total suspension of business which the actual per diem loss sustained, during the time of such partial suspension, bears to the per diem loss which would have been sustained by a total suspension of business, for the same time, of all properties described herein, due consideration being given to the experience of the business before the fire and the probable experience thereafter. It is a condition of this insurance that the insured shall not be entitled to compensation on account of loss which may be occasioned by any ordinance or law regulating or prohibiting construction or repair of buildings, or by the suspension, lapse or cancellation of any license or lease, or for any other remote loss. It is a condition of this insurance that as soon as practicable after any loss, the insured shall resume complete or partial operation of the property herein described