A building is totally destroyed by fire and was insured for $ 7 Million. To rebuild it would cost $10 Million. How do we settle this claim?

The building waould have been insured for $ 7Million  with a then budget submitted during the time of policy . Now that after the  fire accident, the rebuilding would cost $10 Million based on the current budget estimate. Henceforth clims has to be proceesed accordingly.

The insurance company to settle this claim will pay to the insured only the total sum insured which is the amount of seven million dollars , doing so the insurance company rely and depends on the policy conditions which state that in case of any claim the insurance company has the right to pay the total sum insured or to return the property insured to it is position immediately before the loss , whichever is less .

Thanking you