Bilateral Extended Reporting Period Clause Samples
The Bilateral Extended Reporting Period clause allows both parties to extend the time frame in which claims can be reported under an insurance policy after its expiration or cancellation. Typically, this clause applies to claims-made policies, enabling either the insurer or the insured to activate an additional reporting window, often for a specified period such as 12 or 24 months. Its core function is to provide continued protection for incidents that occurred during the policy period but were not reported until after the policy ended, thereby reducing the risk of coverage gaps and ensuring both parties have clarity regarding potential liabilities.
Bilateral Extended Reporting Period. If this policy is terminated or not renewed by either the Company or the Company for non-payment of premium, and provided that no Event has occurred, the Principal Organisation and the Insured Persons shall have the right:
(a) to an extended reporting period of 90 days within which to report any Claims that are first made during such 90 day period. There is no additional premium payable for such extended reporting period;
(b) upon payment of the additional premium set forth in Item 5(b) of the Schedule, to an additional extended reporting period of 365 days from the expiry date of the extended reporting period referred to in (a) above within which to report any Claims first made during such additional 365 days; but only to the extent that such Claims are for Wrongful Acts occurring prior to, and Investigations into conduct prior to, the effective date of termination or non-renewal. The right to the additional extended reporting period of 365 days shall lapse unless written notice of such election, together with payment of the additional premium due, is received by the Company within ninety (90) days following the effective date of termination or non-renewal. Any Claim made during the Extended Reporting Period shall be deemed to have been made during the immediately preceding Policy Period. If the Extended Reporting Period is purchased then it cannot be cancelled by the Insureds or the Company; and the entire premium noted in Item 5(b) of the Schedule shall be deemed fully earned at the inception of the additional Extended Reporting Period. The offer of renewal terms or premiums different from those in effect prior to renewal shall not constitute a refusal to renew.
Bilateral Extended Reporting Period. Solely with respect to Insuring Clause 1.F, if this policy is terminated or not renewed by either the Company or the Principal Organization for any reason other than termination by the Company for non-payment of premium, and provided no Event has occurred, the Insured’s shall have the right:
(i) to an extended reporting period of 90 days within which to report any Claims that are first made during the Policy Period or during such 90 day period. There is no additional premium payable for such extended reporting period;
(ii) upon payment of the additional premium set forth in Item 6(b) of the Schedule, to an additional extended reporting period of 365 days from the expiry date of the extended reporting period referred to in (i) above within which to report any Claims first made during the Policy Period or during such additional 365 days, but only to the extent such Claims are for Wrongful Acts occurring prior to the effective date of termination or non-renewal. Any Claim made during an Extended Reporting Period shall be deemed to have been made during the immediately preceding Policy Period. If an Extended Reporting Period is elected then it cannot be cancelled by the Insured’s or the Company; and the entire premium noted in Item 6(b) of the Schedule shall be deemed fully earned at the inception of the additional Extended Reporting Period. The offer of renewal terms or premiums different from those in effect prior to renewal shall not constitute a refusal to renew. Cover as set forth in the above extensions is subject to all the provisions of this policy unless stated otherwise.
Bilateral Extended Reporting Period. If this policy is terminated or not renewed by either the Company or the Principal Organization for any reason other than non payment of premium, and provided that no Event has occurred, then any Insured shall have the right:
(a) to an extended reporting period of 90 days from the effective date of termination or non renewal within which to report any Claims that are first made during such 90 day period. There is no additional premium payable for such extended reporting period.
(b) upon payment of the additional premium set forth in Item 5(b) of the Schedule, to an additional extended reporting period of 365 days from the expiry date of the extended reporting period referred to in (a) above within which to report any Claims first made during such additional 365 day period, but only to the extent such Claims are for Wrongful Acts occurring prior to and Formal Investigations into conduct occurring prior to the effective date of termination or non renewal. The right to the additional extended reporting period of 365 days shall lapse unless written notice such election, together with payment of the additional premium due as set forth in Item 5(b) of the Schedule, is received by the Company within 90 days following the effective date of termination or non renewal. at the inception of the additional Extended Reporting Period
Bilateral Extended Reporting Period. Solely with respect to Insuring Clause 1.F, if this Policy is terminated or not renewed by either the Company or the Principal Organization for any reason other than termination by the Company for non-payment of premium, and provided no Event has occurred, the Insured shall have the right: