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MR 1368 – Special Conditions: Waiver of Underinsurance

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SPECIAL CONDITIONS: WAIVER OF UNDERINSURANCE

This endorsement forms part of section 1 and is subject otherwise to the terms, provisions, conditions and exclusions contained in the policy of insurance or endorsed thereon.

1. Condition 

1.1. Clause 10.2 under “Conditions for loss settlement” shall be deleted, provided that

1.1.1. the sum insured at the initial commencement date of this insurance shall fully comply with paragraph 4 “Sum insured”.
1.1.2. at each renewal date the premium as well as the sum insured shall be adapted to the changes in the official price/inflation indices for buildings, machinery and cost of labour by applying these indices in a proportion equivalent to the value composition of the property insured.

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