The insurance covers the yard’s loss of interest resulting from late delivery due to damage which is recoverable under the builders’ risks insurance, cf. Sections 1 and 2.
For any one casualty a deductible period shall be determined which is calculated from the start of the casualty and lasts until the delay resulting from the casualty is equivalent to the deductible period stated in the insurance contract. Loss of interest during the deductible period is not recoverable.
The insurer’s liability resulting from any one casualty is limited to the sum insured per day multiplied by the number of compensation days per casualty stated in the insurance contract.
If the assured and the buyer agree to postpone the delivery date due to circumstances which do not provide any basis for compensation under this supplementary cover, the insurance is automatically extended subject to an additional premium as agreed in the insurance contract until the buyer has in actual fact taken delivery of the subject-matter insured. Cl. 19-2, sub-clause 3, shall apply correspondingly.
If a late delivery is caused by a combination of several different perils and one or more of these perils are not covered by the insurance, the insurer shall cover a proportional share of the loss of interest. The calculation shall be based on the delay which each of the perils would have entailed in excess of the deductible period if they had occurred separately.
If the assured takes measures to avert or minimise the delay covered by the insurance, the insurer shall not be liable for more than the amount he should have paid if no such measures had been taken. If the measures result in time being saved for the assured, he shall bear a share of the costs of the said measures that is proportional to the time saved for his account.