It is a requirement of this insurance that the amounts of insurance stated in the Schedule shall represent :
for item 1: the full value of the contract works at the completion of the construction, inclusive of materials, wages, freight, custom duties, dues and materials or items supplied by the Principal ;
for item 2 : the current value at the time of concluding the insurance ; for item 3 the replacement value.
The Insured undertakes to notify the insurers of any facts resulting in a material increase or decrease of the sums insured, provided always that such increase or decrease shall take effect only after the same has been recorded on the Policy by the Insurers, before the occurence of any claim hereunder.