EXTRA EXPENSE. The term "extra expense", whenever used in this “Memorandum”, is defined as the excess (if any) of the total cost incurred during the period of restoration chargeable to the operation of the “Member’s” business over and above the total cost that would normally have been incurred to conduct the business during the same period had no damage or destruction occurred. Any salvage value of property obtained for temporary use during the period of restoration, which remains after the resumption of normal operations, shall be taken into consideration in the adjustment of any loss hereunder.
Appears in 3 contracts
Sources: Memorandum of Coverage, Memorandum of Coverage, Memorandum of Coverage