DISCOVERY CLAUSE Sample Clauses
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DISCOVERY CLAUSE. If the Organization or the Insurer refuses to renew this policy, or if this policy is terminated by the Insurer for any reason (except for non-payment of premium), or if an Organizational Change as defined in Clause X. occurs, the Insured(s) shall have the right to purchase a Discovery Period for the period(s) set forth in Item 7 of the Declarations following the effective date of such non- renewal, termination or Organizational Change. SPECIMEN The Insured’s right to purchase a Discovery Period shall lapse unless written notice of election to purchase such Discovery Period and the additional premium for such Discovery Period is received by the Insurer or its authorized agent within thirty (30) days after such non-renewal, termination or Organizational Change. The additional premium for the elected Discovery Period is set forth in Item 7 of the Declarations and shall be determined by multiplying the applicable percentage set forth in Item 7 of the Declarations by the premium set forth in Item 6. of the Declarations. During such Discovery Period, the Insured may provide the Insurer with written notice, pursuant to Clause VI of this policy, of Claims made against an Insured solely with respect to Wrongful Acts occurring prior to the effective date of the non-renewal or termination of the policy or the effective date of the Organizational Change and otherwise covered by this policy. The Limit of Liability for the Discovery Period shall be part of, and not in addition to, the applicable Limits of Liability set forth in Item 3 of the Declarations. The Discovery Period premium shall be fully earned at the inception of the Discovery Period. The Discovery Period is non-cancellable.
DISCOVERY CLAUSE. In the event of the termination of this Trust in its entirety by PPA, then coverage shall extend, subject to the terms, limitations, exclusions and conditions of the Declaration then in effect, to claims made against the Member during the ninety (90) days following immediately upon such termination, but only for an Occurrence committed or alleged to have been committed during the Declaration Period then in effect.
DISCOVERY CLAUSE. The indemnity provided by this section of the policy will also operate for up to sixty (60) months after the expiry of this insurance policy; solely in respect of losses occurring before the expiry of this insurance policy. Any claims received by You in respect of losses occurring before the expiry of Your insurance policy and notified to Us during this sixty (60) month period will be considered as having been made within the Period of Insurance, subject to You complying with all Insurance Policy terms, exclusions and conditions, including Your obligation to notify Us immediately that You become aware of any loss that may result in a claim under this insurance policy.
DISCOVERY CLAUSE. If the Company or the Insurer shall refuse to renew this policy or upon the occurrence of an Organizational Change as defined in Clause 11, the Insured Person(s) shall be entitled to a Discovery Period of one year, two years or three years following the effective date of such non-renewal or Organizational Change, upon payment of the Discovery Period Premium specified in Item 6 of the Declarations, within which to give to the Insurer written notice pursuant to Clause 5 of this policy of Claims made against an Insured Person solely with respect to Wrongful Acts occurring prior to the end of the Policy Period and otherwise covered by this policy. The Discovery Period Premium shall be deemed fully earned at the inception of the Discovery Period. The Discovery Period is not cancellable. The Discovery Period Premium is calculated as a percentage of the annual premium, and shall in no event be less than the highest percentage of the comparable premium of any Underlying Policy. The rights contained in this Clause 8 shall terminate unless written notice of election of a Discovery Period together with any additional premium due is received by the Insurer no later than thirty (30) days subsequent to the effective date of the non-renewal or Organizational Change.
DISCOVERY CLAUSE. Except as indicated below, if the Named Entity shall cancel or the Named Entity or the Insurer shall refuse to renew this policy, the Named Entity shall have the right to a period of either one, two or three years following the effective date of such cancellation or nonrenewal (the “Discovery Period”) upon payment of the respective “Additional Premium Amount” described below in which to give to the Insurer written notice pursuant to Clause 7(a) and 7(c) of the policy of: (i) Claims first made against an Insured; and (ii) circumstances of which an Organization or an Insured shall become aware, in either case during said Discovery Period and solely with respect to a Wrongful Act occurring prior to the end of the Policy Period and otherwise covered by this policy.
DISCOVERY CLAUSE. If the Underwriters shall cancel or refuse to renew this policy, the Insured shall have the right upon payment of an additional premium, as set forth in the Declarations under Item G.:
(1) to an extension of the coverage granted by this policy in respect of any claim or claims which may be made against the Insured during the period set forth in the Declarations under Item G.;
(2) after the date of such cancellation or non-renewal, but only in respect of any act committed before the date of cancellation or non-renewal of the policy. A written request for this extension, together with payment of the appropriate premium, must be made to the Underwriters within ten
(10) days after the effective date of cancellation or non-renewal of this policy.
DISCOVERY CLAUSE. Except as indicated below, if the Insurer or the Named Entity shall cancel or refuse to renew this Coverage Section, then, solely with respect to this Coverage Section, the Named Entity shall have the right, upon payment of an additional premium of 75% of the “full annual premium,” to a period of one (1) year following the effective date of such cancellation or nonrenewal (herein referred to as the “Discovery Period”) in which to give to the Insurer written notice of Claims first made against the Insureds during said one year period for any Wrongful Act occurring prior to the end of the Policy Period and otherwise covered by this policy. As used herein, “full annual premium” means the premium level for this Coverage Section in effect immediately prior to the end of the Policy Period. The rights contained in this paragraph shall terminate, however, unless written notice of such election together with the additional premium due is received by the Insurer within thirty (30) days of the effective date of cancellation or nonrenewal.
DISCOVERY CLAUSE. If the Named Fund Manager refuses to renew this policy, then the Named Fund Manager shall have the right, upon payment of an additional premium of 75 per cent of the Full Annual Premium to a Discovery Period of 12 months following the effective date of non-renewal. If the Insurer refuses to offer any terms or conditions to renew this policy, then the Named Fund Manager shall have the right upon payment of an additional premium of 75 percent of the Full Annual Premium to a Discovery Period of 12 months following the effective date of non-renewal. The Insured shall be entitled to a 30 day Discovery Period at no additional premium if this policy is not renewed by either the Named Fund Manager or the Insurer. If the Named Fund Manager elects to purchase a Discovery Period, this 30-day Discovery Period shall be part of and not in addition to the purchased Discovery Period. To purchase the Discovery Period, the Named Fund Manager must request its purchase in writing within 15 days of the termination date of the policy and must tender the additional premium within 30 days of the termination date. The additional premium is not refundable and the Discovery Period is not cancellable. If a Transaction as defined in Clause 13(a) takes place, then the Named Fund Manager shall not have the right to purchase a Discovery Period as set out above. However, the Named Fund Manager shall have the right within 30 days of the end of the Policy Period to request an offer from the Insurer of a Discovery Period for up to 72 months. The Insurer shall offer a Discovery Period with terms, conditions and premium as the Insurer may reasonably decide.
DISCOVERY CLAUSE. If during the Policy Period any Insured first becomes aware or has reasonable grounds to suspect that an Insured has committed or may have committed a Wrongful Act for which coverage is otherwise provided hereunder, and provided the Insured during the Policy Period gives notice to the Company of:
1. a description of the anticipated Wrongful Act that may be alleged;
2. the nature of the potential injury, monetary or non-monetary damages which could result from such anticipated Wrongful Act; and
3. the circumstances by which the Insured first became aware of or suspected such anticipated Wrongful Act; then any Claim that may subsequently be made against any Insured arising out of such anticipated Wrongful Act shall be deemed for the purposes of this insurance to have been made during the Policy Period.
DISCOVERY CLAUSE. The employee will promptly disclose to the company all ideas, processes, inventions, modifications and improvements (collectively referred to as “Discoveries”) relating to any work or business carried out by the company, conceived by the employee him/herself or with others during the term of the employment, whether or not conceived during regular business hours. The company shall have the option to obtain exclusive property in such Discoveries. The employee agrees to execute all formal documents necessary to assign any Discoveries to the company as well as all documents required to obtain a patent, register or copyright, or enforce company’s rights to such Discoveries should the company desire to obtain respective rights. In case of the company’s adoption of the Discovery pursuant to Article 332 of the Swiss Code of Obligations the employee shall receive a compensation. The obligations shall remain effective beyond the termination of employment with respect to Discoveries the employee conceives or makes during the employment period.