PREMIUM ADJUSTMENTS

The Insured shall at the commencement of each Period of Insurance provide as soon as practicable to the Insurer(s) a Schedule setting out in detail, and which the Insured warrants is to the best of its knowledge and belief:

a) the cost of reinstatement or indemnity value at the time of all insured property according to the basis on which the respective property is insured,

b) annual insurable gross profit values and insured payroll.

The values as declared will form the basis of the premium for insurance and the premium thus calculated shall be non adjustable for each Period of Insurance except that in the event of any acquisition or disposal of property in excess of 25% of the total declared values equitable adjustment may be made to the Premium on a pro rata basis from the time of such acquisition or disposal.

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