It is hereby 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 while of such period.
Unless specifically agreed to the contrary the provisions of this memorandum 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.
