Common use of Extended Reporting Period Clause in Contracts

Extended Reporting Period. If the Company cancels or does not renew this policy, the insured has the right to a period of 30 days following the effective date of cancellation to report to the Company any claim made against the insured during that 30 day period. That claim must be for a wrongful act after the retroactive date and before the end of the policy period. After the end of that 30 day extended reporting period, the insured has the right, upon payment of an additional premium of 65% of the full policy premium, to buy a twelve (12) month Extended Reporting Period Endorsement. The endorsement applies only to covered claims arising from a wrongful act after the retroactive date and before the end of the policy period. The claim must first be made against insured and reported to the Company in writing during the twelve (12) month period after the end of the 30 day extended reporting period. To obtain this reporting endorsement the insured must request it in writing and pay the additional premium during the 30 day extended reporting period after the policy ends. If the insured does so, the Company cannot cancel the Extended Reporting Period Endorsement, but all of the other terms, conditions and exclusions of this policy (save for this clause) shall remain in force. If the Company does not receive the written request and payment as required, the insured may not exercise this right to obtain an Extended Reporting Period Endorsement at a later date. If the insured cancels the endorsement, there will be no return of premium. Any change in premium or terms from this policy shall not be considered a refusal of the Company to renew. The provision of an extended reporting period does not increase the aggregate limit of coverage described in the Limits of Liability section of this policy.

Extended Reporting Period. If the policy is not renewed for any reason, or is cancelled for any reason other than for nonpayment of premium or deductible (whether cancelled by the Company cancels or does not renew this policyby the Named Insured), the insured Named Insured as shown in the Declarations, has the right to purchase, within sixty (60) days of policy termination, an extension of the coverage granted by this policy. This reporting period extension shall remain in force for a period of 30 days following either twelve (12), twenty-four (24) or thirty-six (36) months after the policy terminates, but only for Claims resulting from negligent acts, errors or omissions, Advertising Liability or Personal Injury committed before the effective date of the cancellation to report to the Company any claim made against the insured during that 30 day periodor nonrenewal, and otherwise covered by this policy. That claim must be Increased premiums or deductibles or modifications of coverage terms or conditions upon renewal do not constitute cancellation or nonrenewal. The premium for a wrongful act after the retroactive date and before the end of the policy period. After the end of that 30 day extended reporting periodthis Extended Reporting Period will not exceed one hundred percent (100%) for twelve months, the insured has the right, upon payment of an additional premium of 65% one hundred fifty percent (150%) for twenty-four months or one hundred seventy-five percent (175%) for thirty-six months of the full policy premiumannual premium set forth in the Declarations and any attached endorsements, to buy a twelve and must be elected and paid within sixty (1260) month days after the effective date of the policy’s termination. Such additional premium is deemed fully earned immediately upon the inception of the Extended Reporting Period. The Extended Reporting Period Endorsementis added by endorsement and, once endorsed, cannot be cancelled. The endorsement applies only to covered claims arising from a wrongful act after Extended Reporting Period does not reinstate or increase the retroactive date and before the end Limits of the policy periodLiability. The claim must first be made against insured and reported to the Company in writing Company’s Limits of Liability during the twelve (12) month period after the end of the 30 day extended reporting period. To obtain this reporting endorsement the insured must request it in writing and pay the additional premium during the 30 day extended reporting period after the policy ends. If the insured does so, the Company cannot cancel the Extended Reporting Period Endorsementare part of, but all of the other terms, conditions and exclusions of this policy (save for this clause) shall remain not in force. If the Company does not receive the written request and payment as requiredaddition to, the insured may not exercise this right to obtain an Extended Reporting Period Endorsement at a later date. If the insured cancels the endorsement, there will be no return of premium. Any change in premium or terms from this policy shall not be considered a refusal of the Company to renew. The provision of an extended reporting period does not increase the aggregate limit of coverage described in the Company’s Limits of Liability section of this policystated in the Declarations.

Extended Reporting Period. A. If the Company INSURER or the Organization declines to renew or non-renews this Policy, or if the INSURER cancels or does not renew this policyPolicy for reason other than non-payment of premium, the insured has Organization shall have the right to a period purchase an Extended Reporting Period of coverage granted by this Policy to report any Claim(s) first made against the Insured during the 12 months, the 24 months or the 36 months following the date of the non-renewal or cancellation (depending upon the Extended Reporting Period purchased) but only with respect to any Wrongful Employment Act, or Wrongful Third Party Act if applicable, committed before the date of the non-renewal or cancellation. The additional premium for the Extended Reporting Period shall be 75% of the annual premium set forth in the DECLARATIONS for the 12-month period; 125% of the annual premium set forth in the DECLARATIONS for the 24-month period; or 175% of the annual premium for the 36-month period. The Extended Reporting Period begins on the termination date of the Policy. The Organization must notify the INSURER in writing and must pay the additional premium set forth above no later than 30 days following after the effective date of cancellation the non-renewal or cancellation. B. All premium paid with respect to report to the Company any claim made against the insured during that 30 day period. That claim must be for a wrongful act after the retroactive date and before the end of the policy period. After the end of that 30 day extended reporting period, the insured has the right, upon payment of an additional premium of 65% of the full policy premium, to buy a twelve (12) month Extended Reporting Period Endorsement. The endorsement applies only to covered claims arising from a wrongful act after the retroactive date and before the end shall be deemed fully earned as of the policy period. The claim must first be made against insured and reported to the Company in writing during the twelve (12) month period after the end day of the 30 day extended reporting periodExtended Reporting Period. To obtain For the purpose of this reporting endorsement the insured must request it clause, any change in writing and pay the additional premium terms or terms on renewal shall not constitute a refusal to renew. C. The Limits of Liability available during the 30 day extended reporting period after the policy ends. If the insured does so, the Company cannot cancel the Extended Reporting Period Endorsement, but all of the other terms, conditions and exclusions of this policy (save for this clause) shall remain in force. If the Company does not receive the written request and payment as required, the insured may not exercise this right to obtain an Extended Reporting Period Endorsement at a later date. If the insured cancels the endorsement, there will be no return of premium. Any change in premium or terms from this policy shall not be considered a refusal exceed the balance of the Company to renew. The provision of an extended reporting period does not increase the aggregate limit of coverage described in the Limits of Liability section of in effect at the time this policyPolicy is terminated. D. Coverage for Claim(s) first received and reported during the Extended Reporting Period shall be excess over any other valid and collectible insurance providing substantially the same coverage as this Policy.

Extended Reporting Period. If the Company cancels or does not the NAMED INSURED shall cancel or non-renew this policy, the insured has NAMED INSURED shall have the right to a period of 30 days following extend the effective date of cancellation to report to the Company any claim time for reporting CLAIMS made against any INSURED per the insured during that 30 day periodfollowing schedule. That claim must be for a wrongful act after the retroactive date and before the end of the policy period. After the end of that 30 day extended reporting period, the insured has the right, upon payment of an additional premium of 65% of the full policy premium, to buy a twelve (12) month If any Extended Reporting Period Endorsement. The endorsement applies is exercised, the coverage shall apply only to CLAIMS otherwise covered claims arising from a wrongful act after the retroactive date and before the end of the by this policy period. The claim must which are first be made against insured any INSURED and reported to the Company in writing during the twelve (12) month period after Extended Reporting Period. Coverage for CLAIMS first made and reported during the Extended Reporting Period applies only to CLAIMS for WRONGFUL ACTS or PERSONAL INJURIES which took place prior to the end of the 30 day extended reporting periodPOLICY PERIOD and on or after the RETROACTIVE DATE, if any. To obtain this reporting endorsement the insured must request it in writing and pay the The additional premium during the 30 day extended reporting period after the policy ends. If the insured does so, the Company cannot cancel for the Extended Reporting Period Endorsement, but all shall be: 125% of the other terms, conditions and exclusions policy's annual premium for 12 months; 185% of this policy (save the policy's annual premium for this clause) shall remain in force24 months; 225% of the policy's annual premium for 36 months; 285% of the policy's annual premium for an unlimited period. If This right to purchase the Extended Reporting Endorsement is subject to the following conditions: A. Any amounts due the Company does not receive must be paid by the INSURED. B. The NAMED INSURED must send written request and payment as required, notice to the insured may not exercise this right Company of the intention to obtain an purchase the Extended Reporting Period Endorsement at a later date. If accompanied by the insured cancels the endorsement, there will be no return of additional premium. Any change in Written notice and premium or terms from this policy shall not payments must be considered a refusal received by the Company within sixty (60) days after the termination date of the Company POLICY PERIOD. C. Separate or new limits do not apply to renew. The provision of an extended the Extended Reporting Period. D. This option to extend the reporting period does not increase extend the aggregate limit of coverage described in the Limits of Liability section of POLICY PERIOD. E. Premium for this policyoption is fully earned when payment is made.

Extended Reporting Period. If the Company or the NAMED INSURED cancels or does not renew non-renews this policy, the insured has NAMED INSURED shall have the right to a period of 30 days following extend the effective date of cancellation to report to the Company any claim time for reporting CLAIMS made against any INSURED per the insured during that 30 day periodfollowing schedule. That claim must be for a wrongful act after the retroactive date and before the end of the policy period. After the end of that 30 day extended reporting period, the insured has the right, upon payment of an The additional premium of 65for the Extended Reporting Period shall be: 12 months for 100% of the full policy’s annual premium; 24 months for 150% of the policy’s annual premium; 36 months for 185% of the policy’s annual premium; 60 months for 250% of the policy’s annual premium. If the NAMED INSURED is a sole proprietor and shall cancel or fail to renew the policy due to his or her retirement form active practice as an accountant, and has been continuously insured with Philadelphia Insurance Companies for a minimum of three years, the NAMED INSURED shall also have the right to extend the time for reporting CLAIMS made against any INSURED to an unlimited period for 300% of the policy’s annual premium. If the NAMED INSURED is a sole proprietor, to buy and been continuously insured with Philadelphia Insurance Companies for a twelve (12) month minimum of three years, in the event of his or her death total permanent disability, the Company will waive the premium required for the unlimited period. If any Extended Reporting Period Endorsement. The endorsement applies option is exercised, the coverage shall apply only to CLAIMS otherwise covered claims arising from a wrongful act after the retroactive date and before the end of the by this policy period. The claim must which are first be made against insured any INSURED and reported to the Company in writing during the twelve (12) month period after Extended Reporting Period. Coverage for CLAIMS first made and reported during the Extended Reporting Period applies only to CLAIMS for acts, errors or omissions which took place prior to the end of the 30 day extended reporting period. To obtain this reporting endorsement the insured must request it in writing POLICY PERIOD and pay the additional premium during the 30 day extended reporting period on or after the policy endsRETROACTIVE DATE, if any. If the insured does so, the Company cannot cancel This right to purchase the Extended Reporting Period Endorsement, but all Endorsement is subject to the following conditions: A. This Policy was canceled or non-renewed for reasons other than non-payment of premium. B. Any deductible amounts due the Company must be paid by the NAMED INSURED. C. The NAMED INSURED must send written notice to the Company of the other terms, conditions intention to purchase the Extended Reporting Endorsement accompanied by the additional premium. Written notice and exclusions of this policy (save for this clause) shall remain in force. If premium payments must be received by the Company does not receive within sixty (60) days after the written request and payment as required, termination date of the insured may not exercise this right to obtain an POLICY PERIOD. D. The Extended Reporting Period Endorsement at a later date. If is subject to the insured cancels the endorsement, there will be no return aggregate limit of premium. Any change liability state in premium or terms from this policy shall not be considered a refusal Item C. of the Declarations, and the aggregate limit of liability shall be reduced by payment by the Company of any CLAIMS EXPENSES and DAMAGES for all claims first made against any INSUREDS during the POLICY PERIOD and the Extended Reporting Period. E. This option to renew. The provision of an extended extend the reporting period does not increase extend the aggregate limit of coverage described in the Limits of Liability section of POLICY PERIOD. F. Premium for this policyoption is fully earned when payment is made.

Extended Reporting Period. If 5.1 The Company will automatically provide an Extended Reporting Period, as described below, if the Company cancels this policy for any reason other than non-payment of premium or does not if the Company refuses to renew this policy, the insured has the right to a period of 30 days following the effective date of cancellation to report to . The offer by the Company of renewal on terms, conditions or premiums different from those in effect during the policy period shall not constitute cancellation or refusal to renew this policy. The Extended Reporting Period shall not apply to claims that are covered under any claim made against subsequent insurance the insured during Insured purchases or that 30 day periodwould be so covered but for exhaustion of the amount of insurance applicable to such claims. 5.2 The Extended Reporting Period is provided without additional premium. That claim must be for a wrongful act after the retroactive date and before It starts at the end of the policy period. After the end of that period and lasts for 30 day extended reporting period, the insured has the right, upon payment of an additional premium of 65% of the full policy premium, to buy a twelve (12) month Days. 5.3 The Extended Reporting Period Endorsementshall not extend the policy period or change the scope of coverage provided. The endorsement It applies only to covered claims arising from a wrongful act after out of an incident reported to the retroactive date and before Company during the end policy period in accordance with Section 4.5 of the policy. Claims for such loss which are first made in writing against any Insured during the Extended Reporting Period will be deemed to have been made on the last day of the policy period. The claim must first be made against insured and reported to , provided, however, that in accordance with the Company in writing during the twelve (12) month period after the end fourth paragraph of Section 1.1 of the 30 day extended reporting period. To obtain this reporting endorsement the insured must request it in writing and pay the additional premium policy claims for damages made during the 30 day extended reporting period after the policy ends. If the insured does so, the Company cannot cancel the Extended Reporting Period Endorsement, but all because of loss arising out of the other terms, conditions and exclusions same incident for which a claim was first made during the policy period will be deemed to have been made at the time the first of this policy (save for this clause) shall remain those claims was made against any Insured. Once in force. If the Company does not receive the written request and payment as requiredeffect, the insured may not exercise this right to obtain an Extended Reporting Period Endorsement at a later date. If may not be cancelled except for non-payment of any adjustment premium due in accordance with Section 4.1 2 of the insured cancels the endorsement, there will be no return of premium. Any change in premium or terms from this policy policy. 5.4 The Extended Reporting Period shall not be considered a refusal of the Company to renew. The provision of an extended reporting period does not reinstate or increase the aggregate limit of coverage described in the Limits of Liability section Insurance applicable to any claim to which this policy applies and the amount of this policythe available Limits of Insurance applicable, if any, to the policy year in which the claim or the claims are deemed to have been made shall be the only amount which applies to claims made during the Extended Reporting Period.