What is considered gross sales?
Gross sales is the gross amount charged by the named insured for all goods/products sold or distributed; operations performed during the policy period; rentals; and dues or fees. This would include discounts or allowances. If your policy premium is based on gross sales, certain items can be deducted from gross sales such as sales or excise taxes submitted to a government division; credits for repossessed, damaged or returned merchandise; finance charges; freight charges; and royalty income from patents or copyrights, which are not product sales. What is the definition of total cost? Polices based on total cost are primarily for general liability when subcontractors are used. This includes the cost of all labor, materials, and equipment furnished, used or delivered for use in the execution of the work. This would also include all fees, bonuses or commissions made, paid, or due. What does interchange of labor mean in respect to workers compensation policies? Interchange of labor means so
