advance loss of profit

Uncle BBB

Senior Member
German
advance loss of profit is from an insurance contract.

The sentence is:

Advance Loss of Profits cover does not apply if the Property Insured has declared a Gross Profit.

Does "advance" here mean "probable" (loss of profit) or "payment in advance" (for a loss of profit)?

Thank you very much in advance!
 
  • Uncle Jack

    Senior Member
    British English
    No, it means "in the future".

    If completion of the construction is delayed, the "loss of profits" occurs between the original date the construction was meant to be finished, and the actual date the construction is finished. The clause you mention seems to cover the possibility of a profit being made from a part-completed construction, in which case insurance payments cease.
     
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