Optional Extended Reporting Period Clause Samples

Optional Extended Reporting Period. In the event of cancellation or non-renewal of this policy, you have the right to purchase a 180-day reporting extension. The ability to report “claims” under this policy will be extended to cover a “claim" arising from a “release" that occurred before the end of the policy period but not before any applicable retroactive date if such an extended reporting extension is purchased. Such "claim” will be deemed a "claim" made on the last day of the policy period or at the time the first "claim” from the “release” was made, whichever came first so long as we receive written notice within 180 days after the end of the policy period. In no event shall the inclusion of these “claims” increase the LIMITS OF INSURANCE as set forth in SECTION Ill. For the extended reporting extension to apply, the policyholder must have paid the premium for the extended reporting extension in advance, and have written confirmation from us that it is in effect.

Optional Extended Reporting Period. The NAMED INSURED shall be entitled to purchase an Optional Extended Reporting Period upon termination of coverage, as defined in Paragraph 3. below, except in the event of nonpayment of premium.

Optional Extended Reporting Period. The Named Insured shall have the right, upon payment of the additional premium calculated at the percentage of the annual premium for the policy stated herein below, to extend the coverage granted under this policy, to Claims first made against the Insured and reported to the Insurer during the number of months as elected by the Named Insured for the Optional Extended Reporting Period, but only with respect to Claims for Wrongful Acts committed before the effective date of such cancellation or nonrenewal and on or after the Retroactive Date stated in Item 6. of the Declarations. This period shall be referred to herein as the Optional Extended Reporting Period. The right to purchase the Optional Extended Reporting Period shall terminate unless a written request as stated in Item 9. of the Declarations of such election for the Optional Extended Reporting Period is received by the Insurer within sixty (60) days after the effective date of cancellation or nonrenewal together with full payment of the additional premium for the Optional Extended Reporting Period. If such written request and premium payment are not so received by the Insurer, there shall be no right to purchase the Optional Extended Reporting Period at a later date. Once the premium for the Optional Extended Reporting Period has been paid, the Optional Extended Reporting Period may not be cancelled. In the event of the purchase of the Optional Extended Reporting Period the entire premium therefore shall be fully earned at its commencement. The first sixty (60) days of the Optional Extended Reporting Period, if exercised, shall run concurrently with the Automatic Extended Reporting Period. The Optional Extended Reporting Period, if exercised, shall not in any way increase the Limits of Liability stated in Item

Optional Extended Reporting Period. Effective upon the date of expiration or cancellation of the policy for any reason other than nonpayment of premium, the Named Insured will have the right to purchase an Optional Extended Reporting Period of one, two, or three years in which to provide written notice to the Insurer of a Claim first made against the Insured during the Optional Extended Reporting Period for an act, error, omission, incident, or event that takes place prior to the end of the Policy Period. Such right must be exercised by the Named Insured within 30 days of the date of expiration or cancellation of the policy by providing written notice to the Insurer and remitting the amount of additional premium described below:

Optional Extended Reporting Period. Effective upon the date of termination or cancellation of the Policy for any reason other than nonpayment of premium, the Named Insured will have the right to purchase an optional extended reporting period of one (1), two (2) or three (3) years. Such right must be exercised by the Named Insured within sixty (60) days of the date of termination or cancellation of the Policy by providing written notice to the Insurer and remitting the amount of additional premium described below in which to provide written notice to the Insurer of claims first made against the Insured during the optional extended reporting period for third party wrongful acts committed by an Insured after the retroactive date and prior to the end of the policy period. The additional premium for the optional extended reporting period will be for a: 1. one (1) year optional extended reporting period, one hundred percent (100%) of the annual premium for the Policy; 2. two (2) year optional extended reporting period, one hundred fifty percent (150%) of the annual premium for the Policy; or 3. three (3) year optional extended reporting period, one hundred seventy-five percent (175%) of the annual premium for the Policy.

Optional Extended Reporting Period. If we or the named insured shall cancel or elect not to renew this policy, you shall have the right, upon payment of an additional premium of up to 100% of the full annual premium, to a period of up to one (1) year following the effective date of such cancellation or nonrenewal (herein referred to as the “Optional Extended Reporting Period”) in which to give written notice to us of claims first made against you during the Optional Extended Reporting 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 in effect immediately prior to the end of the policy period. The rights contained in this clause shall terminate, however, unless the named insured provides written notice of such election together with the additional premium due to us within thirty (30) days of the effective date of cancellation or non-renewal. The additional premium for the Optional Extended Reporting Period shall be fully earned at the inception of the Optional Extended Reporting Period. The Optional Extended Reporting Period is not cancelable. This clause and the rights contained herein shall not apply to any cancellation resulting from non-payment of premium. Our offer of renewal terms, conditions, limits of liability and/or premiums different from those of the expiring policy shall not constitute a refusal to renew. The aggregate Limit of Liability for any Extended Reporting Period shall be part of and not in addition to the aggregate Limit of Liability for the policy period. If the named insured exercises its right to purchase an Optional Extended Reporting Period, the Automatic Extended Reporting Period shall be deemed void ab initio.

Optional Extended Reporting Period. If this Policy is not renewed for any reason or is cancelled for any reason other than for non-payment of premium, You shall have the right, upon the payment of an additional premium of seventy-five percent (75%) of the total annual premium, to a period of twelve (12) months immediately following the Automatic Extended Reporting Period in which to give Us written notice of Claims otherwise covered by this Policy. Your rights contained in this clause will terminate unless We receive written notice of Your intent to exercise such rights along with the additional premium due within thirty (30) days of the effective date of cancellation or non-renewal. This clause does not increase or renew the limits of Our liability and it does not apply to Wrongful Acts subsequent to the effective date of cancellation or non -renewal. A twenty-four (24) month Extended Reporting Period is available for one -hundred-thirty-five percent (135%) and thirty-six (36) months for one-hundred-seventy-five percent (175%). Premiums due under this clause will be fully earned when paid and once paid this coverage may not be cancelled.

Optional Extended Reporting Period. If this Policy is cancelled or non-renewed by either the Company or by the Named Insured, then the Named Insured will have the right to purchase an optional Extended Reporting Period of one, two or three years. Such right must be exercised by the Named Insured within sixty (60) days of the termination of the Policy Period by providing: (1) a written request to the Company; and (2) with the written request, the following amount of non-refundable additional premium: (a) for a one (1) year Extended Reporting Period, 100% of the annual premium for the Policy; or (b) for a two (2) year Extended Reporting Period, 135% of the annual premium for the Policy; or (c) for a three (3) year Extended Reporting Period, 150% of the annual premium for the Policy. The first sixty (60) days of the optional Extended Reporting Period, if it is purchased, shall run concurrently with the automatic Extended Reporting Period.

Optional Extended Reporting Period. Effective upon the date of expiration or cancellation of the policy for any reason other than nonpayment of premium, the Named Insured will have the right to purchase an Optional Extended Reporting Period of one, two, or three years in which to provide written notice to the Insurer of a Claim first made against the Insured during the Optional Extended Reporting Period for an act, error, omission, incident or event that takes place prior to the end of the Policy Period. Such right must be exercised by the Named Insured within 60 days of the date of expiration or cancellation of the policy by providing written notice to the Insurer and remitting the amount of additional premium described below: 1. one year, one hundred percent (100%) of the policy annual premium; 2. two years, one hundred fifty percent (150%) of the policy annual premium; or 3. three years, one hundred seventy-five percent (175%) of the policy annual premium.