Common use of Renewal/Nonrenewal Clause in Contracts

Renewal/Nonrenewal. a. Nonrenewal-We may elect not to renew or continue this policy by delivering or mailing to you and your authorized agent or broker written notice of our intent not to renew. 1) Such notice must: a) be given at least sixty but not more than one hundred twenty days in advance of the end of the required policy period. b) state our specific reason(s) for nonrenewal. c) be delivered or mailed to you at the address shown in the policy and to your authorized agent or broker. Proof of delivery or mailing is sufficient proof of notice. d) Loss Notice-The company must advise the first named insured that he/she is entitled to loss information upon written request. e) Requirements for nonrenewal shall not apply if the named insured, or agent or broker authorized by the named insured, or another insurer of the named insured has delivered or mailed written notice that the policy has been replaced or is no longer desired. 2) Prior to the expiration date of this policy, in the event that a late nonrenewal notice is provided by the insurer, the coverage under this policy shall remain in effect: a) at the same terms and conditions contained in the expiring policy; and b) at the lower of the current rates or the prior period's rates until sixty days after the notice is delivered or mailed unless the insured elects to cancel sooner. 3) In the event that a timely and substantially complete notice is not provided by the insurer prior to the expiration date of the policy, coverage shall remain in effect: a) on the same terms and conditions of the expiring policy; b) for another required policy period; and c) at the lower of the current rates or the prior period's rates. However, if the insurer has established the standards and procedures required by the law relating to notice requirements and the failure to comply with these standards and procedures is a result of inadvertence or clerical mistake, then the rates applicable to the remainder of the additional required policy period shall be the insurer's current rates at the terms and conditions of the expiring policy. 4) The issuance of a late or incomplete nonrenewal notice by the insurer shall not create a new annual aggregate liability limit (if any) for the covered policy except that the annual aggregate limit of the expiring policy shall be increased in proportion to the policy extension, including any additional required policy period, caused by the late or incomplete notice of nonrenewal. 5) If the insurer provides a timely notice of nonrenewal and thereafter the insurer extends the policy for ninety days or less, an additional notice of nonrenewal is not required with respect to the extension period. b. Conditional Renewal-We may elect to renew or continue this policy under certain conditions. We may do so by delivering or mailing to you or your authorized agent or broker written notice. 1) This notice must: a) be delivered or mailed to you at least sixty but not more than one hundred twenty days in advance of the end of the required policy period; b) contain specific reason(s) for the conditional renewal; values and/or increased coverages or is due to experience rating, retrospective rating or audit; c) set forth the amount of any premium change if the increase is in excess of 10% unless the increase is due to increased insured values and/or increased coverages or is due to experience rating, retrospective rating or audit; d) set forth the nature of any proposed change(s) in the policy such as change(s) in limits, change(s) in type(s) of coverage(s), reduction(s) in coverage(s), increased deductible or the addition of an exclusion or exclusions; e) be delivered or mailed to the named insured at the address listed in the policy and to an authorized agent or broker of the insured. Proof of delivery or mailing is sufficient proof of notice; and f) include a statement advising the first named insured that upon written request the company will provide loss information. 2) Prior to the expiration date of the policy, in the event that an incomplete or late conditional renewal notice is provided by the insurer, the coverage under this policy shall remain in effect at: a) the same terms and conditions of the expiring policy, and b) the lower of the current rates or the prior period's rates until sixty days after the notice is delivered or mailed unless the insured elects to cancel sooner. However, if the insured elects to accept the terms, conditions and rates of the conditional renewal notice and renews the policy on that basis, then such terms, conditions and rates shall govern the policy upon expiration of such sixty-day period. 3) In the event that a timely and substantially complete conditional renewal notice is not provided by the insurer prior to the expiration date of the policy, then coverage under the policy: a) remains in effect for an additional required policy period; b) remains at the same terms and conditions as the expiring policy; and c) the rates for the additional policy period will be the lower of the current rates or the previous period's rates. However, if the insurer has established the standards and procedures required by law relating to notice requirements, and the failure to comply with these standards and procedures is a result of inadvertence or clerical mistake, then the rates applicable to the remainder of the additional required policy period shall be the insured’s current rates at the terms and conditions of the expiring policy. 4) The issuance of a late or incomplete conditional renewal notice by the insurer shall not create a new annual aggregate limit (if any) for the covered policy, except that the annual aggregate limit of the expiring policy shall be increased in proportion to the policy extensions including any additional required policy period, caused by the late or incomplete conditional renewal notice. However, if the insured accepts the terms of a conditional renewal offer, a new annual aggregate shall become effective as of the inception date of the renewal.

Renewal/Nonrenewal. a. Nonrenewal-We may elect not to renew or continue this policy by delivering or mailing to you and your authorized agent or broker written notice of our intent not to renew. 1) Such notice must: a) be given at least sixty but not more than one hundred twenty days in advance of the end of the required policy period.the b) state our specific reason(s) for nonrenewal. c) be delivered or mailed to you at the address shown in the policy and to your authorized agent or broker. Proof of delivery or mailing is sufficient proof of notice. d) Loss Notice-The company must advise the first named insured that he/she is entitled to loss information upon written request. e) Requirements for nonrenewal shall not apply if the named insured, or an agent or broker authorized by the named insured, or another insurer of the named insured has delivered or mailed written notice that the policy has been replaced or is no longer desired. 2) Prior to the expiration date of this policy, in the event that a late nonrenewal notice is provided by the insurer, the coverage under this policy shall remain in effect: a) at the same terms and conditions contained in the expiring policy; and b) at the lower of the current rates or the prior period's rates until sixty days after the notice is delivered or mailed unless the insured elects to cancel sooner. 3) In the event that a timely and substantially complete notice is not provided by the insurer prior to the expiration date of the policy, coverage shall remain in effect: a) on the same terms and conditions of the expiring policy; b) for another required policy period; and c) at the lower of the current rates or the prior period's rates. However, if the insurer has established the standards and procedures required by the law relating to notice requirements and the failure to comply with these standards and procedures is a result of inadvertence inadvertance or clerical mistake, then the rates applicable to the remainder of the additional required policy period shall be the insurer's current rates at the terms and conditions of the expiring policy. 4) The issuance of a late or incomplete nonrenewal notice by the insurer shall not create a new annual aggregate liability limit (if any) for the covered policy except that the annual aggregate limit of the expiring policy shall be increased in proportion to the policy extension, including any additional required policy period, caused by the late or incomplete notice of nonrenewal. 5) If the insurer provides a timely notice of nonrenewal and thereafter the insurer extends the policy for ninety days or less, an additional notice of nonrenewal is not required with respect to the extension period. b. Conditional Renewal-We may elect to renew or continue this policy under certain conditions. We may do so by delivering or mailing to you or your authorized agent or broker written notice. 1) This notice must: a) be delivered or mailed to you at least sixty but not more than one hundred twenty days in advance of the end of the required policy period; b) contain specific reason(s) for the conditional renewal; values and/or increased coverages or is due to experience rating, retrospective rating or audit; c) set forth the amount of any premium change if the increase is in excess of 10% unless the increase is due to increased insured values and/or increased coverages or is due to experience rating, retrospective rating or audit; d) set forth the nature of any proposed change(s) in the policy such as change(s) in limits, change(s) in type(s) of coverage(s), reduction(s) in coverage(s), increased deductible or the addition of an exclusion or exclusions; e) be delivered or mailed to the named insured at the address listed in the policy and to an authorized agent or broker of the insured. Proof of delivery or mailing is sufficient proof of notice; and f) include a statement advising the first named insured that upon written request the company will provide loss information. 2) Prior to the expiration date of the policy, in the event that an incomplete or late conditional renewal notice is provided by the insurer, the coverage under this policy shall remain in effect at: a) the same terms and conditions of the expiring policy, and b) the lower of the current rates or the prior period's rates until sixty days after the notice is delivered or mailed unless the insured elects to cancel sooner. However, if the insured elects to accept the terms, conditions and rates of the conditional renewal notice and renews the policy on that basis, then such terms, conditions and rates shall govern the policy upon expiration of such sixty-day period. 3) In the event that a timely and substantially complete conditional renewal notice is not provided by the insurer prior to the expiration date of the policy, then coverage under the policy: a) remains in effect for an additional required policy period; b) remains at the same terms and conditions as the expiring policy; and c) the rates for the additional policy period will be the lower of the current rates or the previous period's rates. However, if the insurer has established the standards and procedures required by law relating to notice requirements, and the failure to comply with these standards and procedures is a result of inadvertence or clerical mistake, then the rates applicable to the remainder of the additional required policy period shall be the insured’s current rates at the terms and conditions of the expiring policy. 4) The issuance of a late or incomplete conditional renewal notice by the insurer shall not create a new annual aggregate limit (if any) for the covered policy, except that the annual aggregate limit of the expiring policy shall be increased in proportion to the policy extensions including any additional required policy period, caused by the late or incomplete conditional renewal notice. However, if the insured accepts the terms of a conditional renewal offer, a new annual aggregate shall become effective as of the inception date of the renewal.

Renewal/Nonrenewal. a. Nonrenewal-We may elect not to renew or continue this policy by delivering or mailing to you and your authorized agent or broker written notice of our intent not to renew. 1) Such notice must: a) be given at least sixty but not more than one hundred twenty days in advance of the end of the required policy period.the b) state our specific reason(s) for nonrenewal. c) be delivered or mailed to you at the address shown in the policy and to your authorized agent or broker. Proof of delivery or mailing is sufficient proof of notice. d) Loss Notice-The company must advise the first named insured that he/she is entitled to loss information upon written request. e) Requirements for nonrenewal shall not apply if the named insured, or an agent or broker authorized by the named insured, or another insurer of the named insured has delivered or mailed written notice that the policy has been replaced or is no longer desired. 2) Prior to the expiration date of this policy, in the event that a late nonrenewal notice is provided by the insurer, the coverage under this policy shall remain in effect: a) at the same terms and conditions contained in the expiring policy; and b) at the lower of the current rates or the prior period's rates until sixty days after the notice is delivered or mailed unless the insured elects to cancel sooner. 3) In the event that a timely and substantially complete notice is not provided by the insurer prior to the expiration date of the policy, coverage shall remain in effect: a) on the same terms and conditions of the expiring policy; b) for another required policy period; and c) at the lower of the current rates or the prior period's rates. However, if the insurer has established the standards and procedures required by the law relating to notice requirements and the failure to comply with these standards and procedures is a result of inadvertence inadvertance or clerical mistake, then the rates applicable to the remainder of the additional required policy period shall be the insurer's current rates at the terms and conditions of the expiring policy. 4) The issuance of a late or incomplete nonrenewal notice by the insurer shall not create a new annual aggregate liability limit (if any) for the covered policy policy, except that the annual aggregate limit of the expiring policy shall be increased in proportion to the policy extension, including any additional required policy period, caused by the late or incomplete notice of nonrenewal. 5) If the insurer provides a timely notice of nonrenewal and thereafter the insurer extends the policy for ninety days or less, an additional notice of nonrenewal is not required with respect to the extension period. b. Conditional Renewal-We may elect to renew or continue this policy under certain conditions. We may do so by delivering or mailing to you or and your authorized agent or broker written notice.notic e. 1) This notice must: a) be delivered or mailed to you at least sixty but not more than one hundred twenty days in advance of the end of the required policy period; b) contain specific reason(s) for the conditional renewal; values and/or increased coverages or is due to experience rating, retrospective rating or audit; c) set forth the amount of any premium change if the increase is in excess of 10% unless the increase is due to increased insured values and/or increased coverages or is due to experience rating, retrospective rating or audit; d) set forth the nature of any proposed change(s) in the policy such as change(s) in limits, change(s) in type(s) of coverage(s), reduction(s) in coverage(s), increased deductible or the addition of an exclusion or exclusions; e) be delivered or mailed to the named insured at the address listed in the policy and to an authorized agent or broker of the insured. Proof of delivery or mailing is sufficient proof of notice; and f) include a statement advising the first first-named insured that upon written request the company will provide loss information. 2) Prior to the expiration date of the policy, in the event that an incomplete or late conditional renewal notice is provided by the insurer, the coverage under this policy shall remain in effect at: a) the same terms and conditions of the expiring policy, ; and b) the lower of the current rates or the prior period's rates until sixty days after the notice is delivered or mailed unless the insured elects to cancel sooner. However, if the insured elects to accept the terms, conditions and rates of the conditional renewal notice and renews the policy on that basis, then such terms, conditions and rates shall govern the policy upon expiration of such sixty-day period. 3) In the event that a timely and substantially complete conditional renewal notice is not provided by the insurer prior to the expiration date of the policy, then coverage under the policy: a) remains in effect for an additional required policy period; b) remains at the same terms and conditions as the expiring policy; and c) the rates for the additional policy period will be the lower of the current rates or the previous period's rates. However, if the insurer has established the standards and procedures required by law relating to notice requirements, and the failure to comply with these standards and procedures is a result of inadvertence or clerical mistake, then the rates applicable to the remainder of the additional required policy period shall be the insured’s current rates at the terms and conditions of the expiring policy. 4) The issuance of a late or incomplete conditional renewal notice by the insurer shall not create a new annual aggregate limit (if any) for the covered policy, except that the annual aggregate limit of the expiring policy shall be increased in proportion to the policy extensions including any additional required policy period, caused by the late or incomplete conditional renewal notice. However, if the insured accepts the terms of a conditional renewal offer, a new and annual aggregate shall become effective as of the inception date of the renewal.

Renewal/Nonrenewal. a. Nonrenewal-We may elect not to renew or continue this policy by delivering or mailing to you and your authorized agent or broker written notice of our intent not to renew. 1) Such notice must: a) be given at least sixty but not more than one hundred twenty days in advance of the end of the required policy period.the b) state our specific reason(s) for nonrenewal. c) be delivered or mailed to you at the address shown in the policy and to your authorized agent or broker. Proof of delivery or mailing is sufficient proof of notice. d) Loss Notice-The company must advise the first named insured that he/she is entitled to loss information upon written request. e) Requirements for nonrenewal shall not apply if the named insured, or an agent or broker authorized by the named insured, or another insurer of the named insured has delivered or mailed written notice that the policy has been replaced or is no longer desired. 2) Prior to the expiration date of this policy, in the event that a late nonrenewal notice is provided by the insurer, the coverage under this policy shall remain in effect: a) at the same terms and conditions contained in the expiring policy; and b) at the lower of the current rates or the prior period's rates until sixty days after the notice is delivered or mailed unless the insured elects to cancel sooner. 3) In the event that a timely and substantially complete notice is not provided by the insurer prior to the expiration date of the policy, coverage shall remain in effect: a) on the same terms and conditions of the expiring policy; b) for another required policy period; and c) at the lower of the current rates or the prior period's rates. However, if the insurer has established the standards and procedures required by the law relating to notice requirements and the failure to comply with these standards and procedures is a result of inadvertence inadvertance or clerical mistake, then the rates applicable to the remainder of the additional required policy period shall be the insurer's current rates at the terms and conditions of the expiring policy. 4) The issuance of a late or incomplete nonrenewal notice by the insurer shall not create a new annual aggregate liability limit (if any) for the covered policy policy, except that the annual aggregate limit of the expiring policy shall be increased in proportion to the policy extension, including any additional required policy period, caused by the late or incomplete notice of nonrenewal. 5) If the insurer provides a timely notice of nonrenewal and thereafter the insurer extends the policy for ninety days or less, an additional notice of nonrenewal is not required with respect to the extension period. b. Conditional Renewal-We may elect to renew or continue this policy under certain conditions. We may do so by delivering or mailing to you or and your authorized agent or broker written notice. 1) This notice must: a) be delivered or mailed to you at least sixty but not more than one hundred twenty days in advance of the end of the required policy period; b) contain specific reason(s) for the conditional renewal; values and/or increased coverages or is due to experience rating, retrospective rating or audit; c) set forth the amount of any premium change if the increase is in excess of 10% unless the increase is due to increased insured values and/or increased coverages or is due to experience rating, retrospective rating or audit; d) set forth the nature of any proposed change(s) in the policy such as change(s) in limits, change(s) in type(s) of coverage(s), reduction(s) in coverage(s), increased deductible or the addition of an exclusion or exclusions; e) be delivered or mailed to the named insured at the address listed in the policy and to an authorized agent or broker of the insured. Proof of delivery or mailing is sufficient proof of notice; and f) include a statement advising the first first-named insured that upon written request the company will provide loss information. 2) Prior to the expiration date of the policy, in the event that an incomplete or late conditional renewal notice is provided by the insurer, the coverage under this policy shall remain in effect at: a) the same terms and conditions of the expiring policy, ; and b) the lower of the current rates or the prior period's rates until sixty days after the notice is delivered or mailed unless the insured elects to cancel sooner. However, if the insured elects to accept the terms, conditions and rates of the conditional renewal notice and renews the policy on that basis, then such terms, conditions and rates shall govern the policy upon expiration of such sixty-day period. 3) In the event that a timely and substantially complete conditional renewal notice is not provided by the insurer prior to the expiration date of the policy, then coverage under the policy: a) remains in effect for an additional required policy period; b) remains at the same terms and conditions as the expiring policy; and c) the rates for the additional policy period will be the lower of the current rates or the previous period's rates. However, if the insurer has established the standards and procedures required by law relating to notice requirements, and the failure to comply with these standards and procedures is a result of inadvertence or clerical mistake, then the rates applicable to the remainder of the additional required policy period shall be the insured’s current rates at the terms and conditions of the expiring policy. 4) The issuance of a late or incomplete conditional renewal notice by the insurer shall not create a new annual aggregate limit (if any) for the covered policy, except that the annual aggregate limit of the expiring policy shall be increased in proportion to the policy extensions including any additional required policy period, caused by the late or incomplete conditional renewal notice. However, if the insured accepts the terms of a conditional renewal offer, a new and annual aggregate shall become effective as of the inception date of the renewal.

Renewal/Nonrenewal. a. 3a) Nonrenewal-We may elect not to renew or continue this policy by delivering or mailing to you and your authorized agent or broker written notice of our intent not to renew. 1a) Such notice must: a(1) be given at least sixty but not more than one hundred twenty days in advance of the end of the required policy period.the b(2) state our specific reason(s) for nonrenewal. c(3) be delivered or mailed to you at the address shown in the policy and to your authorized agent or broker. Proof of delivery or mailing is sufficient proof of notice. d(4) Loss Notice-The company must advise the first first-named insured that he/she is entitled to loss information upon written request. e(5) Requirements for nonrenewal shall not apply if the named insured, or an agent or broker authorized by the named insured, or another insurer of the named insured has delivered or mailed written notice that the policy has been replaced or is no longer desired. 2b) Prior to the expiration date of this policy, in the event that a late nonrenewal notice is provided by the insurer, the coverage under this policy shall remain in effect: a(1) at the same terms and conditions contained in the expiring policy; and b(2) at the lower of the current rates or the prior period's rates until sixty days after the notice is delivered or mailed unless the insured elects to cancel sooner. 3c) In the event that a timely and substantially complete notice is not provided by the insurer prior to the expiration date of the policy, coverage shall remain in effect: a(1) on the same terms and conditions of the expiring policy; b(2) for another required policy period; and c(3) at the lower of the current rates or the prior period's rates. However, if the insurer has established the standards and procedures required by the law relating to notice requirements and the failure to comply with these standards and procedures is a result of inadvertence or clerical mistake, then the rates applicable to the remainder of the additional required policy period shall be the insurer's current rates at the terms and conditions of the expiring policy. 4d) The issuance of a late or incomplete nonrenewal notice by the insurer shall not create a new annual aggregate liability limit (if any) for the covered policy policy, except that the annual aggregate limit of the expiring policy shall be increased in proportion to the policy extensionextensions, including any additional required policy period, caused by the late or incomplete notice of nonrenewal. 5e) If the insurer provides a timely notice of nonrenewal and thereafter the insurer extends the policy for ninety days or less, an additional notice of nonrenewal is not required with respect to the extension period. b. Conditional Renewal-We may elect to renew or continue this policy under certain conditions. We may do so by delivering or mailing to you or your authorized agent or broker written notice. 1) This notice must: a) be delivered or mailed to you at least sixty but not more than one hundred twenty days in advance of the end of the required policy period; b) contain specific reason(s) for the conditional renewal; values and/or increased coverages or is due to experience rating, retrospective rating or audit; c) set forth the amount of any premium change if the increase is in excess of 10% unless the increase is due to increased insured values and/or increased coverages or is due to experience rating, retrospective rating or audit; d) set forth the nature of any proposed change(s) in the policy such as change(s) in limits, change(s) in type(s) of coverage(s), reduction(s) in coverage(s), increased deductible or the addition of an exclusion or exclusions; e) be delivered or mailed to the named insured at the address listed in the policy and to an authorized agent or broker of the insured. Proof of delivery or mailing is sufficient proof of notice; and f) include a statement advising the first named insured that upon written request the company will provide loss information. 2) Prior to the expiration date of the policy, in the event that an incomplete or late conditional renewal notice is provided by the insurer, the coverage under this policy shall remain in effect at: a) the same terms and conditions of the expiring policy, and b) the lower of the current rates or the prior period's rates until sixty days after the notice is delivered or mailed unless the insured elects to cancel sooner. However, if the insured elects to accept the terms, conditions and rates of the conditional renewal notice and renews the policy on that basis, then such terms, conditions and rates shall govern the policy upon expiration of such sixty-day period. 3) In the event that a timely and substantially complete conditional renewal notice is not provided by the insurer prior to the expiration date of the policy, then coverage under the policy: a) remains in effect for an additional required policy period; b) remains at the same terms and conditions as the expiring policy; and c) the rates for the additional policy period will be the lower of the current rates or the previous period's rates. However, if the insurer has established the standards and procedures required by law relating to notice requirements, and the failure to comply with these standards and procedures is a result of inadvertence or clerical mistake, then the rates applicable to the remainder of the additional required policy period shall be the insured’s current rates at the terms and conditions of the expiring policy. 4) The issuance of a late or incomplete conditional renewal notice by the insurer shall not create a new annual aggregate limit (if any) for the covered policy, except that the annual aggregate limit of the expiring policy shall be increased in proportion to the policy extensions including any additional required policy period, caused by the late or incomplete conditional renewal notice. However, if the insured accepts the terms of a conditional renewal offer, a new annual aggregate shall become effective as of the inception date of the renewal.

Renewal/Nonrenewal. a. 3a. Nonrenewal-We may elect not to renew or continue this policy by delivering or mailing to you and your authorized agent or broker written notice of our intent not to renew. 1a) Such notice must: a(1) be given at least sixty but not more than one hundred twenty days in advance of the end of the required policy period.the b(2) state our specific reason(s) for nonrenewal. c(3) be delivered or mailed to you at the address shown in the policy and to your authorized agent or broker. Proof of delivery or mailing is sufficient proof of notice. d(4) Loss Notice-The company must advise the first first-named insured that he/she is entitled to loss information upon written request. e(5) Requirements for nonrenewal shall not apply if the named insured, or an agent or broker authorized by the named insured, or another insurer of the named insured has delivered or mailed written notice that the policy has been replaced or is no longer desired. 2b) Prior to the expiration date of this policy, in the event that a late nonrenewal notice is provided by the insurer, the coverage under this policy shall remain in effect: a(1) at the same terms and conditions contained in the expiring policy; and b(2) at the lower of the current rates or the prior period's rates until sixty days after the notice is delivered or mailed unless the insured elects to cancel sooner. 3c) In the event that a timely and substantially complete notice is not provided by the insurer prior to the expiration date of the policy, coverage shall remain in effect: a(1) on the same terms and conditions of the expiring policy; b(2) for another required policy period; and c(3) at the lower of the current rates or the prior period's rates. However, if the insurer has established the standards and procedures required by the law relating to notice requirements and the failure to comply with these standards and procedures is a result of inadvertence inadvertance or clerical mistake, then the rates applicable to the remainder of the additional required policy period shall be the insurer's current rates at the terms and conditions of the expiring policy. 4d) The issuance of a late or incomplete nonrenewal notice by the insurer shall not create a new annual aggregate liability limit (if any) for the covered policy policy, except that the annual aggregate limit of the expiring policy shall be increased in proportion to the policy extension, including any additional required policy period, caused by the late or incomplete notice of nonrenewal. 5e) If the insurer provides a timely notice of nonrenewal and thereafter the insurer extends the policy for ninety days or less, an additional notice of nonrenewal is not required with respect to the extension period. b. Conditional Renewal-We may elect to renew or continue this policy under certain conditions. We may do so by delivering or mailing to you or your authorized agent or broker written notice. 1) This notice must: a) be delivered or mailed to you at least sixty but not more than one hundred twenty days in advance of the end of the required policy period; b) contain specific reason(s) for the conditional renewal; values and/or increased coverages or is due to experience rating, retrospective rating or audit; c) set forth the amount of any premium change if the increase is in excess of 10% unless the increase is due to increased insured values and/or increased coverages or is due to experience rating, retrospective rating or audit; d) set forth the nature of any proposed change(s) in the policy such as change(s) in limits, change(s) in type(s) of coverage(s), reduction(s) in coverage(s), increased deductible or the addition of an exclusion or exclusions; e) be delivered or mailed to the named insured at the address listed in the policy and to an authorized agent or broker of the insured. Proof of delivery or mailing is sufficient proof of notice; and f) include a statement advising the first named insured that upon written request the company will provide loss information. 2) Prior to the expiration date of the policy, in the event that an incomplete or late conditional renewal notice is provided by the insurer, the coverage under this policy shall remain in effect at: a) the same terms and conditions of the expiring policy, and b) the lower of the current rates or the prior period's rates until sixty days after the notice is delivered or mailed unless the insured elects to cancel sooner. However, if the insured elects to accept the terms, conditions and rates of the conditional renewal notice and renews the policy on that basis, then such terms, conditions and rates shall govern the policy upon expiration of such sixty-day period. 3) In the event that a timely and substantially complete conditional renewal notice is not provided by the insurer prior to the expiration date of the policy, then coverage under the policy: a) remains in effect for an additional required policy period; b) remains at the same terms and conditions as the expiring policy; and c) the rates for the additional policy period will be the lower of the current rates or the previous period's rates. However, if the insurer has established the standards and procedures required by law relating to notice requirements, and the failure to comply with these standards and procedures is a result of inadvertence or clerical mistake, then the rates applicable to the remainder of the additional required policy period shall be the insured’s current rates at the terms and conditions of the expiring policy. 4) The issuance of a late or incomplete conditional renewal notice by the insurer shall not create a new annual aggregate limit (if any) for the covered policy, except that the annual aggregate limit of the expiring policy shall be increased in proportion to the policy extensions including any additional required policy period, caused by the late or incomplete conditional renewal notice. However, if the insured accepts the terms of a conditional renewal offer, a new annual aggregate shall become effective as of the inception date of the renewal.