Optional Extended Reporting Period definition

Optional Extended Reporting Period means the period of time after the end of the Policy Period, in which a Claim(s) resulting from a Wrongful Act that was committed prior to the end of the Policy Period, may be reported to the Insurer and which is otherwise covered by this Policy.
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Optional Extended Reporting Period means the period of time set forth in ITEM 6.C. of the Declarations following the effective date of any non-renewal or termination of this Policy. Policy means, collectively, all purchased Coverage Sections.
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Optional Extended Reporting Period means the period of time allowed for making Claims after the expiration of a claims-made Coverage Form. This is also known as a "tail".
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Examples of Optional Extended Reporting Period in a sentence

  • The Automatic Extended Reporting Period shall not apply if the Optional Extended Reporting Period becomes effective.

  • The Automatic Extended Reporting Period and the Optional Extended Reporting Period cannot be canceled and any additional premium charged for the Optional Extended Reporting Period will be fully earned at inception.

  • The Insured’s right to purchase the Optional Extended Reporting Period must be exercised by notice in writing not later than thirty (30) days after the cancellation or termination date of this policy.

  • If such notice and the premium are not mailed to us within thirty (30) days, then the shall not at a later date be entitled to purchase an Optional Extended Reporting Period The premium for the Optional Extended Reporting Period shall be determined by charging (1) 100% of the annual premium for twelve (12) months, (2) 135% for twenty-four (24) months, or (3) 180% for thirty- six (36) months.

  • At the commencement of any Optional Extended Reporting Period, the entire premium therefore shall be deemed fully earned, and in the event the Insured terminates the Optional Extended Reporting Period before its term for any reason, we shall not be obligated to return to you any portion of the premium.

  • The fact that the period during which Claims can be made against the Insured and reported to the Insurer is extended by virtue of the Optional Extended Reporting Period shall not in any way increase the Limits of Liability as shown in Item 3 of the Declarations of this policy.

  • The Liability Insuring Agreements below provide coverage on a Claims made and reported basis and apply only to Claims and Regulatory Proceedings first made against the Insured during the Policy Period or the Optional Extended Reporting Period, if purchased, and reported to the Insurer in accordance with General Conditions, Notice of Claim provision of this policy.

  • You must give written notice of any Claim made against You as soon as practicable but in no event later than sixty (60) days after the end of the Policy Period or, if applicable, the Optional Extended Reporting Period.

  • Option 2: Allstate will make a payment to all Allstate policyholders who make a Valid Claim for Option 2 and who purchased UM/UIM coverage on an Allstate Policy first issued or renewed between January 1, 2004 and the first policy renewal after July 11, 2022.

  • The additional premium for the Optional Extended Reporting Period shall be fully earned at the inception of the Optional Extended Reporting Period.