Common use of Optional Extended Reporting Period Clause in Contracts

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.