Optional Extended Reporting Period. If the Named Insured cancels or non-renews this Policy or if the Insurer decides not to offer any renewal terms for this Policy, the Named Insured shall have the right to purchase, upon payment of an additional premium an extension of this Policy immediately following the end of the Policy Period, but only with respect to any Wrongful Act committed before the earlier of the end of the Policy Period or the effective date of any Takeover. The additional premium for such extension is a percentage of the total Policy Premium attributable to the Policy Year in effect upon such cancellation or non-renewal. For a one year extension, the premium equals seventy-five percent (75%) of such total Policy Premium; for a two year extension, the additional premium equals one hundred and twenty-five percent (125%) of such total Policy Premium; and for a three year extension, the additional premium equals one hundred and fifty percent (150%) of such total Policy Premium. This period shall be referred to as the Extended Reporting Period.
Optional Extended Reporting Period. In the event of cancellation or non-renewal of this policy, you have the right to purchase a 180-day reporting extension. The ability to report “claims” under this policy will be extended to cover a “claim" arising from a “release" that occurred before the end of the policy period but not before any applicable retroactive date if such an extended reporting extension is purchased. Such "claim” will be deemed a "claim" made on the last day of the policy period or at the time the first "claim” from the “release” was made, whichever came first so long as we receive written notice within 180 days after the end of the policy period. In no event shall the inclusion of these “claims” increase the LIMITS OF INSURANCE as set forth in SECTION Ill. For the extended reporting extension to apply, the policyholder must have paid the premium for the extended reporting extension in advance, and have written confirmation from us that it is in effect.
Optional Extended Reporting Period. 1. If the First Named Insured or we cancel or do not renew this insurance, the First Named Insured shall have the option to purchase an Optional Extended Reporting Period Endorse- ment, beginning with the end of the policy period. The additional premium for and the term of the Optional Extended Reporting Period Endorsement shall be as stated in Item 3.c. of the Declarations. The First Named Insured can not purchase this Endorsement if we cancel for non-payment of premium.
2. The Optional Extended Reporting Period Endorsement applies only to claims first made against the Insured during the Optional Extended Reporting Period and arising from medical incidents which take place on or after the retroactive date stated in the Declarations Page and before the end of the policy period. The Aggregate Limits of Insurance applicable to this Coverage Part shall not be increased or reinstated for claims under the Endorsement. Claims first made during the Optional Extended Reporting Period Endorsement shall be deemed to have been made on the last day of the policy period.
3. To obtain an Optional Extended Reporting Period Endorsement the First Named Insured must request it in writing within sixty (60) days after the policy period ends and pay the premium due. If the First Named Insured does so, the premium shall be fully earned and the Extended Reporting Period Endorsement cannot be canceled. If we do not receive the written request and payment within sixty (60) days after the policy period ends, the First Named Insured may not exercise this option at a later date.
4. The insurance provided under the Extended Reporting Period Endorsement is excess over any other valid and collectible insurance that begins or continues in effect after the Extended Reporting Period Endorsement becomes effective, whether the other insurance applies on a primary, excess, contingent, or any other basis.
5. Our offer of terms, conditions or premium different from the expiring Policy or Coverage Part shall not be considered a refusal or failure to renew this insurance.
Optional Extended Reporting Period. The NAMED INSURED shall be entitled to purchase an Optional Extended Reporting Period upon termination of coverage, as defined in Xxxxxxxxx 0, xxxxx, except in the event of nonpayment of premium. Copyright, American International Group, Inc., 2000 9
Optional Extended Reporting Period. Effective upon the date of expiration or cancellation of the policy for any reason other than nonpayment of premium, the Named Insured will have the right to purchase an Optional Extended Reporting Period of one, two, or three years in which to provide written notice to the Insurer of a Claim first made against the Insured during the Optional Extended Reporting Period for an act, error, omission, incident, or event that takes place prior to the end of the Policy Period. Such right must be exercised by the Named Insured within 30 days of the date of expiration or cancellation of the policy by providing written notice to the Insurer and remitting the amount of additional premium described below:
Optional Extended Reporting Period. Effective upon the date of termination or cancellation of the Policy for any reason other than nonpayment of premium, the Named Insured will have the right to purchase an optional extended reporting period of one (1), two (2) or three (3) years. Such right must be exercised by the Named Insured within sixty (60) days of the date of termination or cancellation of the Policy by providing written notice to the Insurer and remitting the amount of additional premium described below in which to provide written notice to the Insurer of claims first made against the Insured during the optional extended reporting period for third party wrongful acts committed by an Insured after the retroactive date and prior to the end of the policy period. The additional premium for the optional extended reporting period will be for a:
1. one (1) year optional extended reporting period, one hundred percent (100%) of the annual premium for the Policy;
2. two (2) year optional extended reporting period, one hundred fifty percent (150%) of the annual premium for the Policy; or
3. three (3) year optional extended reporting period, one hundred seventy-five percent (175%) of the annual premium for the Policy.
Optional Extended Reporting Period. If we or the named insured shall cancel or elect not to renew this policy, you shall have the right, upon payment of an additional premium of up to 100% of the full annual premium, to a period of up to one (1) year following the effective date of such cancellation or nonrenewal (herein referred to as the “Optional Extended Reporting Period”) in which to give written notice to us of claims first made against you during the Optional Extended Reporting Period for any wrongful act occurring prior to the end of the policy period and otherwise covered by this policy. As used herein, “full annual premium” means the premium level in effect immediately prior to the end of the policy period. The rights contained in this clause shall terminate, however, unless the named insured provides written notice of such election together with the additional premium due to us within thirty (30) days of the effective date of cancellation or non-renewal. The additional premium for the Optional Extended Reporting Period shall be fully earned at the inception of the Optional Extended Reporting Period. The Optional Extended Reporting Period is not cancelable. This clause and the rights contained herein shall not apply to any cancellation resulting from non-payment of premium. Our offer of renewal terms, conditions, limits of liability and/or premiums different from those of the expiring policy shall not constitute a refusal to renew. The aggregate Limit of Liability for any Extended Reporting Period shall be part of and not in addition to the aggregate Limit of Liability for the policy period. If the named insured exercises its right to purchase an Optional Extended Reporting Period, the Automatic Extended Reporting Period shall be deemed void ab initio.
Optional Extended Reporting Period. Effective upon the date of expiration or cancellation of the policy for any reason other than nonpayment of premium, the Named Insured will have the right to purchase an Optional Extended Reporting Period of one, two, or three years in which to provide written notice to the Insurer of a Claim first made against the Insured during the Optional Extended Reporting Period for an act, error, omission, incident or event that takes place prior to the end of the Policy Period. Such right must be exercised by the Named Insured within 60 days of the date of expiration or cancellation of the policy by providing written notice to the Insurer and remitting the amount of additional premium described below:
1. one year, one hundred percent (100%) of the policy annual premium;
2. two years, one hundred fifty percent (150%) of the policy annual premium; or
3. three years, one hundred seventy-five percent (175%) of the policy annual premium.
Optional Extended Reporting Period. If this Policy is cancelled or non-renewed by either the Company or by the Named Insured, then the Named Insured will have the right to purchase an optional Extended Reporting Period of one, two or three years. Such right must be exercised by the Named Insured within sixty (60) days of the termination of the Policy Period by providing:
(1) a written request to the Company; and
(2) with the written request, the following amount of non-refundable additional premium:
(a) for a one (1) year Extended Reporting Period, 100% of the annual premium for the Policy; or
(b) for a two (2) year Extended Reporting Period, 135% of the annual premium for the Policy; or
(c) for a three (3) year Extended Reporting Period, 150% of the annual premium for the Policy. The first sixty (60) days of the optional Extended Reporting Period, if it is purchased, shall run concurrently with the automatic Extended Reporting Period.
Optional Extended Reporting Period. Option 1:
