Common use of EXTRA EXPENSE Clause in Contracts

EXTRA EXPENSE. This “Memorandum” is extended to cover the necessary and reasonable extra expenses occurring during the term of the “Memorandum” at any location as hereunder defined, incurred by “You” in order to continue as nearly as practicable the normal operation of “Your” business following damage to or destruction of “Covered Property” by a “Covered Peril” which is on premises owned, leased or occupied by “You.” In the event of such damage or destruction, “We” shall be liable for such necessary extra expense incurred for only such length of time as would be required with the exercise of due diligence and dispatch to rebuild, repair or replace such part of the property as has been damaged or destroyed commencing with the date of damage or destruction and not limited by the date of expiration of this “Memorandum” (hereinafter referred to as period of restoration). B-1. EXTENSIONS OF COVERAGE‌ 1. INGRESS / EGRESS “Memorandum” is prevented. Coverage under this extension is subject to a 24-hour waiting period.