Common use of OPTIONAL EXTENSION PERIOD Clause in Contracts

OPTIONAL EXTENSION PERIOD. Upon non-renewal or cancellation of this Policy for any reason except the non-payment of premium, the Named Insured will have the right to purchase, for additional premium in the amount of the Optional Extension Premium percentage listed in the Declarations of the full Policy Premium listed in the Declarations, an Optional Extension Period for the period of time listed in the Declarations. Coverage provided by such Optional Extension Period will only apply to Claims first made against any Insured during the Optional Extension Period and reported to the Underwriters during the Optional Extension Period, and arising out of any act, error or omission committed before the end of the Policy Period. In order for the Named Insured to invoke the Optional Extension Period option, the payment of the additional premium for the Optional Extension Period must be paid to the Underwriters within 60 days of the termination of this Policy. The purchase of the Optional Extension Period will in no way increase the Policy Aggregate Limit of Liability or any sublimit of liability. At the commencement of the Optional Extension Period the entire premium will be deemed earned, and in the event the Named Insured terminates the Optional Extension Period for any reason prior to its natural expiration, the Underwriters will not be liable to return any premium paid for the Optional Extension Period. All notices and premium payments with respect to the Optional Extension Period option will be directed to the Underwriters through entity listed for Administrative Notice in the Declarations.

OPTIONAL EXTENSION PERIOD. Upon non-renewal or cancellation of this Policy for any reason except the non-payment of premium, the Named Insured will have the right to purchase, for additional premium in the amount of the Optional Extension Premium percentage listed in the Declarations of the full Policy Premium listed in the Declarations, an Optional Extension Period for the period of time listed in the Declarations. Coverage provided by such Optional Extension Period will only apply to Claims first made against any Insured during the Optional Extension Period and reported to the Underwriters during the Optional Extension Period, and arising out of any act, error or omission committed on or after the Retroactive Date (if applicable) and before the end of the Policy Period. In order for the Named Insured to invoke the Optional Extension Period option, the payment of the additional premium for the Optional Extension Period must be paid to the Underwriters within 60 days of the termination of this Policy. The purchase of the Optional Extension Period will in no way increase the Policy Aggregate Limit of Liability or any sublimit of liability. At the commencement of the Optional Extension Period the entire premium will be deemed earned, and in the event the Named Insured terminates the Optional Extension Period for any reason prior to its natural expiration, the Underwriters will not be liable to return any premium paid for the Optional Extension Period. All notices and premium payments with respect to the Optional Extension Period option will be directed to the Underwriters through entity listed for Administrative Notice in the Declarations.

OPTIONAL EXTENSION PERIOD. Upon non-renewal or cancellation of this Policy for any reason except the non-payment of premium, the Named Insured will have the right to purchase, for additional premium in the amount of the Optional Extension Premium percentage listed in the Declarations of the full Policy Premium listed in the Declarations, an Optional Extension Period for the period of time listed in the Declarations. Coverage provided by such Optional Extension Period will only apply to Claims first made against any Insured during the Optional Extension Period and reported to the Underwriters during the Optional Extension Period, and arising out of any act, error or omission committed before the end of the Policy Period. In order for the Named Insured to invoke the Optional Extension Period option, the payment of the additional premium for the Optional Extension Period must be paid to the Underwriters within 60 30 days of the termination of this Policy. The purchase of the Optional Extension Period will in no way increase the Policy Aggregate Limit of Liability or any sublimit of liability. At the commencement of the Optional Extension Period the entire premium will be deemed earned, and in the event the Named Insured terminates the Optional Extension Period for any reason prior to its natural expiration, the Underwriters will not be liable to return any premium paid for the Optional Extension Period. All notices and premium payments with respect to the Optional Extension Period option will be directed to the Underwriters through entity listed for Administrative Notice in the Declarations.

OPTIONAL EXTENSION PERIOD. Upon non-renewal or cancellation A. With respect to Insuring Agreements I.A. and I.C., in the event of the termination of this Policy Insurance for any reason except the non-payment of premium, the Named Insured will designated in Item 1. of the Declarations shall have the right to purchaseright, for additional premium upon payment in the amount full and not proportionally or otherwise in part of the Optional Extension Premium percentage listed shown in the Declarations Item 8.A. of the full Policy Premium listed in the Declarationsset forth below, to have issued an endorsement providing an Optional Extension Period for the period of time listed set forth in Item 8.B. of the Declarations. Coverage provided by such Optional Extension Period will only apply to Declarations for Claims first made against any Insured during the Optional Extension Period and reported to the Underwriters during the Optional Extension Period, and arising out of any act, error or omission committed on or after the Retroactive Date and before the end of the Policy Period, subject to the conditions set forth herein. In order for the Named Insured to invoke the Optional Extension Period option, the payment of the additional premium for the Optional Extension Period must be paid to the Underwriters within 60 thirty (30) days of the termination of this Policy. insurance. B. The purchase Limit of Liability for the Optional Extension Period will shall be part of, and not in no way increase addition to, the applicable Limit of Liability of the Underwriters for the Policy Aggregate Period. C. The right to the Optional Extension Period shall not be available to the Named Insured where cancellation or non-renewal by the Underwriters is due to non-payment of premium or failure of an Insured to pay such amounts in excess of the applicable Limit of Liability or any sublimit within the amount of liability. the applicable Retention. D. All notices and premium payments with respect to the Optional Extension Period option shall be directed to Underwriters through the entity named in Item 9.B. of the Declarations. E. At the commencement of the Optional Extension Period the entire premium will shall be deemed earned, and in the event the Named Insured terminates the Optional Extension Period for any reason prior to its natural expiration, the Underwriters will not be liable to return any premium paid for the Optional Extension Period. All notices and premium payments with respect to the Optional Extension Period option will be directed to the Underwriters through entity listed for Administrative Notice in the Declarations.

OPTIONAL EXTENSION PERIOD. Upon non-renewal or cancellation of this Policy A. In the event The Firm purchases Extended Reporting Coverage for any reason except the non-payment of premiumits Excess Plan, the Named Insured will have the right to purchase, as provided for additional premium in the amount Section XIV of the Optional Extension Premium percentage listed in the Declarations of the full Policy Premium listed in the DeclarationsExcess Plan, an The Firm will also be provided a corresponding Optional Extension Period for the period of time listed in the Declarationsunder this Endorsement. Coverage provided by If such Optional Extension Period will only apply is provided, then the time period for Claims to Claims first be made against any Insured during the Optional Extension Period and reported to the Underwriters during PLF and Xxxxxxx Group will be extended by the Optional Extension Period, and arising same Extended Reporting Coverage Period purchased in the Extended Reporting Coverage; provided that such Claims must arise out of any actacts, error errors or omission omissions committed on or after the Endorsement Retroactive Date and before the end of the Policy Coverage Period. In order for the Named Insured to invoke the Optional Extension Period option, the payment . B. The Limit of the additional premium Liability for the Optional Extension Period must shall be paid to part of, and not in addition to, the Underwriters within 60 days applicable Limit of Liability of the termination of this Policy. The purchase PLF for the Coverage Period and the exercise of the Optional Extension Period will shall not in no any way increase the Policy Endorsement Aggregate Limit of Liability or any sublimit of liability. The Optional Extension Period does not apply to Coverage Agreement I.B. C. All notices and premium payments with respect to the Optional Extension Period option shall be directed to the PLF and Xxxxxxx Group. D. At the commencement of the Optional Extension Period the entire premium will shall be deemed earned, and in the event the Named Insured The Firm terminates the Optional Extension Period for any reason prior to its natural expiration, the Underwriters PLF will not be liable to return any premium paid for the Optional Extension Period. All notices and premium payments with respect to the Optional Extension Period option will be directed to the Underwriters through entity listed for Administrative Notice in the Declarations.