Common use of Optional Extended Reporting Period Clause in Contracts

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. 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 Company 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 or Personal Injuries 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 Company 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 InsurerCompany, 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 ItemItem 4. of the Declarations. Optional Extended Reporting Period Percentage of Annual Premium 12 months 85% 24 months 110% 36 months 135% 48 months 160% 60 months 185% OTHER CONDITIONS

Optional Extended Reporting Period. The 1. If the First Named Insured or we cancel or do not renew this insurance, the First Named Insured shall have the rightoption to purchase an Optional Extended Reporting Period Endorse- ment, upon beginning with the end of the policy period. The additional premium for and the term of the Optional Extended Reporting Period Endorsement shall be as stated in Item 3.c. of the Declarations. The First Named Insured can not purchase this Endorsement if we cancel for non-payment of the additional premium calculated at the percentage of the annual premium for the policy stated herein below, premium. 2. The Optional Extended Reporting Period Endorsement applies only to extend the coverage granted under this policy, to Claims 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 and arising from medical incidents which take place on or after the retroactive date stated in Item 9. the Declarations Page and before the end of the Declarations policy period. The Aggregate Limits of such election Insurance applicable to this Coverage Part shall not be increased or reinstated for claims under the Endorsement. Claims first made during the Optional Extended Reporting Period is received by Endorsement shall be deemed to have been made on the Insurer last day of the policy period. 3. To obtain an Optional Extended Reporting Period Endorsement the First Named Insured must request it in writing within sixty (60) days after the effective date of cancellation or nonrenewal together with full payment of policy period ends and pay the additional premium for the Optional Extended Reporting Perioddue. If such written request and premium payment are not so received by the InsurerFirst Named Insured does so, 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 commencementand the Extended Reporting Period Endorsement cannot be canceled. The first If we do not receive the written request and payment within sixty (60) days of after the Optional policy period ends, the First Named Insured may not exercise this option at a later date. 4. The insurance provided under the Extended Reporting Period, if exercised, shall run concurrently with Period Endorsement is excess over any other valid and collectible insurance that begins or continues in effect after the Automatic Extended Reporting PeriodPeriod Endorsement becomes effective, whether the other insurance applies on a primary, excess, contingent, or any other basis. 5. The Optional Extended Reporting PeriodOur offer of terms, if exercised, conditions or premium different from the expiring Policy or Coverage Part shall not in any way increase the Limits of Liability stated in Itembe considered a refusal or failure to renew this insurance.

Optional Extended Reporting Period. The Named Insured shall have the right, upon As respects Liability Coverage Sections: a. If this Policy is not renewed or otherwise terminates for a reason other than non-payment of the additional premium calculated at the percentage of the annual premium for the policy stated herein belowpremium, 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 has the right to elect an 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 . b. The Optional Extended Reporting Period. The right Period provides the Insured with the ability to purchase report: (i) Claims or Potential Claims made during the Optional Extended Reporting Period shall terminate unless a written request as stated for Wrongful Acts; or (ii) Interview Requests made during the Optional Extended Reporting Period based upon, or arising out of, matters or circumstances; that occurred prior to such termination or cancelation that would have been covered by such Liability Coverage Section. c. The Optional Extended Reporting Period will not provide new, additional, or reinstated Limits of Insurance. The Insurer’s maximum liability for all Claims made during the Optional Extended Reporting Period is the remaining portion of the applicable Limits of Insurance set forth in Item 9. ITEMS 4 and 6.A. of the Declarations as of such election the effective date of the termination or cancelation. d. The premium due for the Optional Extended Reporting Period is received will equal that percent set forth in ITEM 6.C. of the Declarations of the original annualized premium, and the fully annualized amount of any additional premium, charged by the Insurer within sixty (60) days after before or during the effective date of cancellation or nonrenewal together with full payment of the additional premium for the Optional Extended Reporting Policy 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 . e. The entire premium for the Optional Extended Reporting Period has been paid, will be deemed fully earned and non-refundable upon payment. f. The right to elect the Optional Extended Reporting Period may not be cancelled. In the event terminates unless written notice of such election, with payment of the purchase of the Optional Extended Reporting Period the entire additional premium therefore shall be due, which is deemed fully earned at its commencement. The first sixty (60) days upon inception of the Optional Extended Reporting Period, if exercised, shall run concurrently with is received by the Automatic Extended Reporting Period. Insurer within 60 days of the effective date of such non-renewal or termination. g. The Named Insured will not be entitled to elect the Optional Extended Reporting PeriodPeriod under this section 2. OPTIONAL EXTENDED REPORTING PERIOD if an extension of coverage is effected pursuant to section III. CONDITIONS APPLICABLE TO ALL COVERAGE SECTIONS, if exercisedH. CHANGE IN EXPOSURE, shall not in any way increase the Limits of Liability stated in Item3. CHANGE OF CONTROL.