Common use of Subsequent Notification Clause in Contracts

Subsequent Notification. 2.7.1 In the event of a re-placement in whole or in part of a share underwritten by an insurer or in the event of termination of this insurance, it is hereby provided by way of interpretation of articles 15, 18 and 20 that any circumstances the insured was aware of prior to the re-placement/termination as well as any claims for indemnity made against the insured prior to the re-placement/termination but not yet reported to the insurers, shall be deemed to have been reported to the insurers at the time immediately preceding the re-placement/termination, such subject to the provisions of article 4, provided that the written notification to the insurers was submitted within three (3) months after the re-placement/termination. 2.7.2 If the insurers exercise their right to terminate the insurance in accordance with the provisions of article 8.1, the policyholder shall have the right to extend the period for submission of claims prior to the date of termination by one (1) year with respect to claims arising from an act or failure to act that took place prior to the date of termination. The insurers shall be entitled to stipulate an additional premium and/or adjustment of the conditions for said extension. 2.7.3 If the insurance terminates due to discontinuation of the business or termination of the profession of the insured as referred to in article 8.3, the policyholder shall have the right to extend the period for submission of claims prior to the date of termination by five (5) years with respect to claims arising from an act or failure to act that took place prior to the date of termination. The insurers shall be entitled to stipulate an additional premium and/or adjustment of the conditions for said extension. 2.7.4 It is hereby provided that claims reported within the period of one (1) or otherwise five