IRDAI Surveyor Engineering (S-05) Practice Questions - IRDAI Surveyor & Loss Assessor Exam - Engineering (III S-05 IC-77) Exam

The Escalation Clause in a Contractors All Risks (CAR) policy serves which of the following purposes?

It automatically increases the premium if the contractor defaults It covers unforeseen increases in the cost of materials and labor during the policy period, up to a specified percentage limit It escalates the policy limits if the insured changes the scope of work without notice It increases the deductible limit dynamically during natural disaster events

Correct Answer:

It covers unforeseen increases in the cost of materials and labor during the policy period, up to a specified percentage limit

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