ESCALATION CLAUSE (EVET)

Subject to advanced additional premium to be paid, it ishereby declared and agreed that the sum insured by each of the said item shall during each period of insurance be increased  by the proportion of the specified percentage which the number of days since the commencement of such period shall bear to the whole of such period.

                Item No.s                            Percentage Increase

                1……                                       …..%

                2……                                       …..%

                3…….                                      …..%

                etc

Unless specifically agreed to the contrary the provisions of this Clause shall only apply to the sum insured in force at the commencement of the period of Insurance.  At each renewal date the insured shall notify the Insurers:

  • The sum to be insured at the commencement of the forthcoming period of insurance
  • The percentage required for the forthcoming period of insurance and in default thereof the provisions of this memorandum shall cease to apply.

It is further understood that:

Maximum increase of the sum insured each item for the whole period of insurance is limited 10% (ten percent)

Additional premium will be accounted 50% (fifty percent) of premium for the increment of sum insured.

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