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ESCALATION – IAR, CEAR

By Anonymous
Risks :CEAR If during the period of insurance the actual contract price or the value of the insured property shall be in excess of the amount of the contract limit shown in the schedule, the insured shall have the right to request an increase in the amount of liability available hereunder in which event a. the insurance provided by this policy will extend to include any such increase up to a maximum of 20 (twenty) per cent above the amount of liability specified herein or agreed additional value and the policy will be endorsed accordingly. b. the Insured shall pay additional premium proportionate to the amount of the increase. Risks :IAR It is hereby agreed that in the event of any loss in respect of Property covered under the Policy and increase of 20% of the Original Sum Insured of Material Damage and/or Business interruption per annum shall be allowed over and above the original sum insured stated in the certificate during the period of the lease, such escalation being applied on a pro-rate basis for parts of a year.
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