In consideration of the payment of an additional premium amounting to 10% (ten percent) of the premium produced by applying the specified percentage to the first or the annual premium as appropriate on the item(s) as specified in schedule a the sum insured thereby shall, during the period of insurance, be increased each day an amount representing 1/365th of the specified percentage increased per annum.
Unless specifically agreed to the contrary the provision of this clause shall only apply to the sums insured in force at the commencement of each period of insurance.
At each renewal date the insured shall notify the insurers of:
- The sums to be insured under each item above, but in the absence of such instructions the sum insured by the above items shall be stated on the policy (as amended by any endorsements effective prior to the aforesaid renewal date) to which shall be added the increases which have occurred under this clause during the period of insurance up to that renewal date, and
- The specified percentage increase (s) required for the forthcoming period of insurance, but in the absence of instructions to the contrary prior to renewal date the existing percentage increase shall apply for the period of insurance from renewal.
All the conditions of the policy except insofar as they may be hereby expressly varied shall apply as if they had been incorporated herein.
