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. 1. The Insured Persons or You shall be entitled to elect a Discovery Period on the terms set out below if:
i. RSA declines to offer any terms for renewal of this Policy; or
ii. You make a specific written request to RSA for such Discovery Period, which is accepted by RSA.
2. Subject to 3. below, the terms of the Discovery Period shall be 12 months for fifty per cent (50%) of that part of the Full Annual Premium payable in respect of this Policy.
3. Options to purchase up to 72 months may be available but shall be at RSA’s sole and absolute discretion.
4. The application to elect any Discovery Period shall be given to RSA within 30 calendar days of the expiry of the Period of Insurance, and payment of the requisite premium, if applicable, in respect of that Discovery Period shall be made within 30 calendar days of the expiry of the Policy Period (such premium being non-refundable). Any time delay between the expiry of the Period of Insurance and the election of any Discovery Period shall be part of and shall not be in addition to the Discovery Period elected.
5. If a Merger or administration takes place, You shall not be entitled to purchase a Discovery Period on the terms set out in this Extension, however within 30 calendar days of the expiry of the Period of Insurance You may request a quotation from RSA for a Discovery Period. RSA shall consider such request and may, at its sole and absolute discretion, offer Discovery Period on such terms as RSA may consider appropriate.
6. At any time during:
i. the 30 calendar day application period referred to in 4. above; and
ii. the Discovery Period (and without prejudice to VI. Claims Condition A.2.(“Claims Notification”))You and the Insured Persons shall be entitled to continue to notify Claims and Circumstances to RSA but only in respect of Wrongful Acts committed prior to the expiry of the Period of Insurance. Any such Claim or Circumstance so notified to RSA during the Discovery Period shall be deemed to have been notified during the Period of Insurance.
7. If the Insured Persons or You elect a Discovery Period then upon expiry of such Discovery Period no further Discovery Period will be available under this policy (except as provided for under I. (“Directors & Officers Liability”) C. (“Directors & Officers Extensions”) 17. (“Retired & Former Directors”)
8. The purchase by the Insured of any Discovery Period shall not increase or reinstate the applicable Limit of Indemnity (which shall continue be RSA’s maxim...
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. 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 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. 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. 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.
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.