Common use of Optional Extended Reporting Period Clause in Contracts

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 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 -renewalnon- renewal. A twenty-four (24) month Extended Reporting Period is available for one -hundredone-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.