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L. Nonrenewal: The Company will renew this policy unless written notice of the Company's intent not to renew, stating the specific reasons for nonrenewal, is mailed to the Named Insured not less than ninety(90) days before the policy expires. Any notice of nonrenewal will be mailed by first class registered or certified mail to the Named Insured at the last mailing address known to the Company. Proof of mailing will be sufficient proof of notice. M. Renewal Rate Increase or Change in Policy Terms: If the Company increases the rate, changes the deductible, reduces the limit or substantially reduces coverage at renewal, the Company will mail to the Named Insured, at least sixty (60) days prior to the effective date of that increase or change: 1. Written notice of any change in coverage terms; 2. The amount of our rate increase. A rate increase is defined as any increase in premium except increase due to change in exposure (including claims-made step factors) and/or rating plans based solely on the Insured's developed experience. Any notice of renewal rate increase or change in policy terms will be mailed by first class registered or certified mail to all Named Insureds at the last mailing address known to the Company. Proof of mailing will be sufficient proof of notice. N. Declarations and Applications: By acceptance of this policy, the Insured agrees that the statements in the Declarations and application are his agreements and representations, and that this policy is issued in reliance upon the truth of such representations and that this policy embodies all agreements existing between himself and the Company or any of its agents relating to this insurance. O. Extended Reporting Period Option: 1. Cancel lation/Nonrenewal: In the case of: (a) cancellation or nonrenewal of this policy by the Named Insured or the Company for any reason other than flat cancellation at policy inception for non- payment of premium; or (b) advancing a retroactive or prior acts date from or previously applied by the Company the Named Insured shall have the right, subject to the other terms and conditions of this policy, or an endorsement attached thereto, to have an endorsement issued extending the time during which Claims can be reported for an additional premium of: (i) 100% of the full annual premium for this policy, to a period of twelve (12) months; (ii) 150% of the full annual premium for this policy, to a period of twenty-four (24) months; (iii) 185% of the full annual premium for this policy, to a p ina of thirr»-civ IqR) months; or •4}� a E�WEI)•r&/�PPRfN®�fd919R y' A.,p Acevedo . �- Risk Management Specialist 05 LPL0002 05 04 17