Annual Policies. (i) Under Sections 2A and 3, if for a reason other than for non-payment of premium or fraud, the Company cancels or refuses to renew this Policy, then the Insured may: ▪ by giving written notice to the Company no later than 30days after the effective date of cancellation or non-renewal; and ▪ upon payment of a non-refundable additional premium of 75% of the Policy premium (for those Sections to which it applies), paid to the Company within 30 days of the cancellation or non- renewal; secure an Extended Reporting Period of 365 days following the effective date of such cancellation or non-renewal to report claims made against the Insured, notice of which has been received and recorded by the Insured during that period. Provided that the injury or damage or act (as applicable) giving rise to the claim happened prior to the effective date of cancellation or non-renewal, such claims shall be deemed to have been made and reported during the Period of Insurance.
(ii) Under Section 2B the Insured may: ▪ by giving written notice to the Company no later than 60 days after the effective date of cancellation or non-renewal; and ▪ upon payment of a non-refundable additional premium of 250% of the Policy premium for this section, paid to the Company within 30 days of the cancellation or non-renewal; secure an Extended Reporting Period of 7 years following the effective date of non-renewal of the policy to report claims made against the Insured, notice of which has been received and recorded by the Insured during that period.Provided that the injury or damage or act (as applicable)giving rise to the claim happened prior to the effective date of cancellation or non-renewal, such claims shall be deemed to have been made and reported during the Period of Insurance. An Extended Reporting Period: ▪ does not extend the Period of Insurance or change the scope of cover provided. ▪ does not reinstate or increase any Limit of Indemnity. ▪ may not be cancelled once in effect.
Annual Policies. If You cancel this policy at any other time You will be entitled to receive a pro rata refund depending on the remaining time on Your policy. We will apply an administration charge of £25.00 to cover the costs We incur when a policy is cancelled. If a claim or an incident that may give rise to a claim has occurred the claim amount will be deducted from the pro rata refund.
Annual Policies
