If the business be conducted in separate companies and/or departments, the independent trading results of are ascertainable, the provisions of Clauses (a) and (b) of Item 1 shall apply separately to each separate company and/or department affected by the damage, except that if the sum insured by the said item be less than the aggregate of the sum produced by applying the rate of gross profit for each separate company and/or department of the business (whether affected by the damage or not) to the relative annual turnover thereof, the amount payable shall be proportionately reduced.
NOTE : The words “each separate company and/or department” shall mean any activity of the Insured for which separate trading or manufacturing and profit and loss accounts are kept .
