CAPITAL ADDITIONS CLAUSE (Limit – 10% of Sum Insured)

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The insurance hereby extends to cover alterations, additions and improvements (but not appreciation in value) in excess of the sums insured for buildings and machinery specified in the Policy for an amount not exceeding 10% of the sums insured thereby or USD …….. Whichever is the less, it is being understood that the Insured undertakes to advise the Insurer each quarter of such alterations, additions and improvements and to pay the appropriate additional premium thereon.

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  1. HOW IS THE CALCULATION OR RATING DONE FOR ADDITIONAL PREMIUM ON CAPITAL ADDITION COVER?

    It’s given for free. no additional premium