The indemnity is towards the estimated gross profit during the indemnity period in months at the Maximum Rate per day in respect of loss of standing charges or gross profit during the indemnity period, due to the production during such period falling short of the standard production (hereinafter defined) as a result of loss of or damage to or delay in delivery of the property as described in the schedule.

Basis of Loss Settlement:

• In respect of reduction in production
• In respect of increase in cost of working