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(a) Indirect Coverages Deductibles apply to Business Income <br />and Extra Expense loss; and <br /> (b) Direct Coverages Deductibles apply to all remaining loss, <br />damage or expense covered by this endorsement. <br />c. Application of Deductibles <br /> (1) Dollar Deductibles <br /> We will not pay for loss, damage or expense resulting from any <br />“one accident” until the amount of loss, damage or expense <br />exceeds the applicable Deductible shown in the Schedule. We will <br />then pay the amount of loss, damage or expense in excess of the <br />applicable Deductible or Deductibles, up to the applicable Limit of <br />Insurance. <br /> (2) Time Deductible <br /> If a time deductible is shown in the Schedule, we will not be liable <br />for any loss occurring during the specified number of hours or <br />days immediately following the “accident.” If a time deductible is <br />expressed in days, each day shall mean twenty-four consecutive <br />hours. <br /> (3) Multiple of Average Daily Value (ADV) <br /> If a deductible is expressed as a number times ADV, that amount <br />will be calculated as follows: <br /> The ADV (Average Daily Value) will be the Business Income (as <br />defined in any Business Income coverage that is part of this <br />policy) that would have been earned during the period of <br />interruption of business had no “accident” occurred, divided by the <br />number of working days in that period. No reduction shall be made <br />for the Business Income not being earned, or in the number of <br />working days, because of the “accident” or any other scheduled or <br />unscheduled shutdowns during the period of interruption. The <br />ADV applies to the Business Income value of the entire location, <br />whether or not the loss affects the entire location. If more than one <br />location is included in the valuation of the loss, the ADV will be the <br />combined value of all affected locations. For purposes of this <br />calculation, the period of interruption may not extend beyond the <br />“period of restoration”. <br />The number indicated in the Schedule will be multiplied by the <br />ADV as determined above. The result shall be used as the <br />applicable deductible. <br /> (4) Percentage of Loss Deductibles <br /> If a deductible is expressed as a percentage of loss, we will not be <br />liable for the indicated percentage of the gross amount of loss, <br />damage or expense (prior to any applicable deductible or <br />coinsurance) insured under the applicable coverage. If the dollar <br />amount of such percentage is less than the indicated minimum <br />deductible, the minimum deductible will be the applicable <br />deductible. <br /> <br />S3008 (03/08) Page 7 of 9 <br /> <br />