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What is an escalation clause under construction all risks Insurance?
Wiki User
∙ 12y ago
To avoid under-insurance especially for long term projects, it is important to regularly review the total contract value upwards. Inflation can also cause the contractor to be under-insured due to the increase in the contract value of the project. Hence, the Escalation Clause is inserted in the policy to ensure the Total Contract Value is reviewed upwards and protects the insured from being under-insured when a claim arises. 15% per annum is usual the increase in value of projects.
Wiki User
∙ 12y ago
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