Escalation

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If during the Construction Period the actual value of the Insured Property shall exceed the Total Sum Insured as specified in the Schedule, the Total Sum Insured shall be increased automatically so that it is equal to such actual value, subject, however, to the increase not exceeding in any case the automatic escalation percentage indicated in the Schedule. Where it is apparent, or should be reasonably apparent, to the Insured that the automatic escalation percentage will be exceeded, the Insured must advise Insurers immediately so that Insurers can concur with such revisions at terms and conditions to be agreed.

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