(01) Increase in the value of the property insured during the period of Insurance. (02) Provision for automatic increases on some defined basis in premiums and sums insured.
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UK: Annual increase in the level of annuity, policy benefits or limits based on a fixed percentage or in line with an index, e.g Retail Price Index, subject to an upper limit, e.g. 5 per cent. Dynamised pensions have automatic increases in the pension payments or contributions. Builders’ risk marine risk policy escalate to cover a possible increase in the insured value of the vessel under construction.
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UK: provision for automatic increases on a defined basis in premiums and sums insured.