Aggregate of all premiums falling due during the accounting year, including single premiums and portfolio premium entries after deducting portfolio withdrawals and cancellations.
Insurance Encyclopedia
Gross proceeds
See: Gross Value.
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Means the actual price obtained at a sale where all charges on sale are paid by the seller.
Gross profit
The amount, or difference, by which sales revenue exceeds the cost of sales, i.e. costs incurred in getting the goods ready for sale such as purchases, direct labour costs and other direct costs in manufacturing. Loss of gross profit is insured under a business interruption insurance that usually provides cover on the difference basis. An older way of calculating gross profit was to add the net profit to the standing charges of the business.
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Net profit plus the insured’s standing charges
Gross Registered Tonnage (GRT)
It applies to the vessels and not to cargo. It is the weight of the volume occupied by the closed in-space of ship taking 100 cubic feet of such closed-in spaces as equivalent to one vessel ton. It is employed for statistical purpose when comparing ship-sizes and issued as a basis for pilotage and Dry Dock and also sometime for quay (for wharfage) dues.
Gross retention
the total limit of liability accepted by an insurer together with quota share reinsurers on an individual risk (also known as “gross line”).
Gross System
A system of preparing accounts without off settable items, specifically without allowing for the effects of reinsurance.
Gross value
Defined in the Marine Insurance Act 1906, s.71(4), as the wholesale price or estimated value ruling on the day of sale after freight, landing charges and duty have been paid. ‘Gross proceeds’ is the price obtained at a sale, all charges on sale being paid by the seller (Marine Insurance Act 1906, s.73).
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Gross value means the wholesale price of goods or merchandise or, if there be no such price, the estimated value with, in either case, freight, landing charges, and duty paid beforehand.
Gross Value of Cargo
Gross value has been defined in sub-section (4) of Section 71 of the marine Insurance Act as follows: “Gross value is the wholesale price or the estimated value arrived at taking into account payment of freight, landing charge and the duty. All these charges are payable whether the cargo is sound or damaged.”
Gross Vehicle Weight for Motor
Means in respect of any vehicle, the total weight of the vehicle and load certified and registered by the Registering authority as permissible for the vehicle.
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In respect of any vehicle, the total weight of the vehicle and load certified and registered by the registering authority as permissible for that vehicle.
Gross Weight
Entire weight of goods, packing and container, ready for shipment.