Discovery Period. The purchase of any Discovery Period shall not increase or reinstate the applicable Fidelity Limit of Indemnity, which shall be RSA’s maximum liability for the Period of Insurance and Discovery Period, combined.
Discovery Period. Within fourteen (14) days after exchange of the disclosure notices, the parties shall make specific discovery requests to the arbitrator, and within an additional fourteen (14) days the arbitrator shall issue to both parties a joint discovery order. The discovery period preceding the arbitration hearing shall not exceed sixty (60) days from the issuance of the discovery order by the arbitrator.
Discovery Period. In the event that, on the expiry of the period of insurance, this policy is not renewed or replaced with any other management liability policy broadly equivalent to this policy in scope then the director shall have the right to purchase a discovery period so that for the purposes of insuring clause 3.1, any notifiable claim made in the discovery period shall be deemed to have been first made during the period of insurance, subject to the following conditions:
(a) cover shall apply only to notifiable claims arising directly or indirectly out of wrongful acts committed (or alleged to have been committed) prior to the expiry of the period of insurance, and
(b) the discovery period is only effective if the one hundred (100%) percent additional premium is paid within thirty (30) days of the expiry of the period of insurance; and
(c) the right to purchase the discovery period is not exercisable after or, once purchased, shall lapse upon:
(i) the director or the company effecting a management liability policy broadly equivalent to this policy in scope; or
(ii) the appointment of an insolvency practitioner (or equivalent) as a liquidator, administrator or receiver (or equivalent) of the company; and
(d) the insurer shall have no liability to a director to the extent that the director is entitled to an indemnity from the company under any applicable company law or agreement.
Discovery Period. Within [***] days after exchange of the disclosure notices, the parties shall make specific discovery requests to the arbitrator, and within an additional [***] days the arbitrator shall issue to both parties a joint discovery order. The discovery period preceding the arbitration hearing shall not exceed [***] days from the issuance of the discovery order by the arbitrator.
Discovery Period. (1) The Company will provide a Discovery Period at the written request of the Member Insured which shall commence upon the expiration of the Policy Period if this Policy is not renewed pursuant to subsection (F)(1) of Article IV. hereof, or is cancelled pursuant to subsections (F)(2) or (F)(3) of Article IV. hereof. The additional premium will vary according to the length of the Discovery Period selected. A 12-month Discovery Period is available for 100% of the annual premium. Any additional Discovery Period is available for an amount to be determined by the Company. The right to this Discovery Period shall lapse unless written notice of such election, together with the payment of the additional premium due, is received by the Company within 30 days following the effective date of cancellation, termination, or nonrenewal The Discovery Period, if applicable, shall extend coverage as is afforded by this Policy to apply to any Claim first made against the Insured during the Discovery Period selected, following immediately upon expiration of the Policy, but only with respect to an Occurrence which takes place subsequent to the Retroactive Date and prior to the expiration of the Policy Period. A Claim first made during the Discovery Period will be deemed to have been made on the last day of the Policy Period. The Discovery Period will not reinstate or increase the Limit of Liability or extend the Policy Period.
(2) In the event renewal terms and conditions differ from those in effect during the Policy Period, the Member Insured shall have the right, upon payment of an additional premium to be determined by the Company but which shall not exceed 100% of the annual premium, to a Discovery Period which shall commence upon the expiration of the Policy Period and end exactly 12 months thereafter. The Discovery Period shall apply only with respect to a Claim resulting from, or a Notice of Circumstances relating to, an Occurrence for which coverage is so restricted or excluded. The right to this Discovery Period shall lapse unless written notice of such election, together with the payment of the additional premium due, is received by the Company within 30 days following the effective date of the renewal. The Discovery Period, if applicable, shall extend coverage as is afforded by this Policy to apply to any Claim first made against the Insured during the 12 month period following immediately upon expiration of the Policy, but only with respect to an Occurrence which t...
Discovery Period. If in accordance with Insurers’ directives the policy is cancelled or not renewed, other than if the cancellation or non-renewal arose from non-payment of the premium, it is hereby agreed that the Insurer undertakes to pay on behalf of the Insured in respect of Claims submitted against him, for the first time, during the period of six months after the termination of the insurance with the Insurer and that in respect of Products sold or marketed until the above cancellation or non-renewal. A pre-condition to the liability of the Insurer to pay on behalf of as aforementioned is that no other insurance is arranged which could cover the liability of the Insured in respect of the same Claims. Forming part of Certificate No. 1600454
Discovery Period. If the Insurer or the Named Corporation cancels or fails to renew this Policy, any Insured will have the right, upon payment of the Discovery Period Premium set forth in Item 6(a) of the Declarations, to an extension of the coverage granted by the Liability Insuring Agreements (if purchased) for the period set forth in Item 6(b) of the Declarations following the effective date of such cancellation or non-renewal (the “Discovery Period”). If purchased, the Discovery Period will operate as an extension of coverage only with respect to Claims first made during the Discovery Period for Wrongful Acts committed or allegedly committed before the effective date of such cancellation or non- renewal. A written request for the Discovery Period, together with payment of the Discovery Period Premium, must be made within 30 days after the effective date of cancellation or non-renewal. Such Discovery Period Premium will be deemed fully earned as of the inception of the Discovery Period. No Discovery Period will be available if this Policy is cancelled for non-payment of premium. The Discovery Period does not provide an additional Limit of Liability and will not increase or reinstate any Limit of Liability.
Discovery Period. If the Insurer or the Named Insured shall cancel or refuse to renew this Policy and provided that the premium has been fully paid, the Insured shall have the right, upon payment of an additional premium, to an extension of the coverage granted by this Policy in respect of any Claim, made against the Insured during one (1), three (3) or six (6) years after the termination of the Policy, but only with respect to any Wrongful Acts committed after the Retroactive Date and prior to such termination date. Such period of time is hereinafter referred to as the Discovery Period. The additional premium to be charged will be determined upon request pursuant to this extension and will remain at the discretion of the Insurer, however, such additional premium shall not exceed:
(a) For a one (1) year Discovery Period, 100% of the previous annual premium;
(b) For a three (3) year Discovery Period, 150% of the previous annual premium; or
(c) For a six (6) year Discovery Period, 300% of the previous annual premium. This right of extension shall cease unless written notice to extend is given to the Insurer within sixty (60) days after the termination date, together with full payment of the premium for this extension. The Discovery Period will be part of the immediately preceding Policy Period and subject to the same single aggregate Limit of Liability applicable to such Policy Period, including the Discovery Period. The additional premium for the Discovery Period shall be fully earned at the inception of the Discovery Period. The Discovery Period, once affected, is not cancellable.
Discovery Period. If the Insurer or the Parent Corporation fails or refuses to renew this Policy, any Insured Person will have the right, upon payment of the applicable Discovery Period Premium set forth in ITEM 7 of the Declarations, to an extension of the coverage granted by this Policy for the respective period set forth in ITEM 7 of the Declarations following the effective date of such non-renewal (the “Discovery Period”). The Discovery Period will operate as an extension of coverage only with respect to:
Discovery Period. The Directors or Officers shall have the right to an extension of the coverage granted by this Insurance with respect to any Claim which might be made against them during the effective period of this extension. Any Claim made during the effective period of this extension shall be considered made during the Period of Insurance.
