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.
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Sources: Cyber and Technology Liability Policy, Cyber and Technology Liability Policy, Cyber and Technology Liability Policy