Extended Reporting Period. 1. One or more extended reporting period(s) described below will be provided if the coverage agreement is canceled or non-renewed, or if we renew or replace this errors and omissions coverage with other than claims made coverage. 2. A basic extended reporting period is automatically provided without additional charge. This period begins at the termination of the coverage agreement and lasts for ninety (90) days. The basic extended reporting period does not apply to claims attributed to any subsequent coverage period. 3. Alternatively, you may purchase an additional nine (9) months of coverage for the first year following withdrawal from the pool. This optional coverage can then be purchased for up to two (2) supplemental extended reporting period(s) of twelve (12) months each. Coverage for supplemental extended reporting period(s) must be added by endorsement for which an additional premium charge must be paid. Such period starts ninety (90) days after the end of the coverage period. You must purchase this coverage prior to the end of the coverage period. 4. You, subject to the terms and conditions set forth herein, shall have the right to select the supplemental extended re- porting period(s) that shall apply, which in no event shall exceed thirty-six (36) months. An additional premium not in excess of 200% of the average errors and omissions coverage premium for the three years before cancellation or non- renewal of this coverage may be assessed for each such supplemental extended reporting period selected. 5. The extended reporting period is only for the purpose of reporting claims which arise from events occurring during the coverage period. It does not extend the period under which coverage is provided and it does not increase or restore any limits of liability.
Appears in 6 contracts
Samples: Coverage Agreement, Coverage Agreement, Coverage Agreement
