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1. If this policy is cancelled or non-renewed by the Company or the First Named Insured, for reasons other than nonpayment of premium or failure to comply with the terms and conditions of this policy, the First Named Insured shall have the option to purchase an Optional Extended Reporting Period. 2. In order to purchase the Optional Extended Reporting Period, the First Named Insured must notify the Company in writing, within sixty (60) days after the end of the Policy Period, of its election of the Optional Extended Reporting Period set forth in Item 7. of the Declarations and include the corresponding additional premium Wth such written election. Once in place, the Optional Extended Reporting Period cannot be cancelled by the First Named Insured or the Company and the additional premium shall be fully earned. The Optional Extending Reporting Period must be endorsed onto this policy. 3. The Optional Extended Reporting Period applies to a Claim which is first made against the Insured during the Optional Extended Reporting Period because of a Breach of Professional Duty which first takes place on or after the Retroactive Date shown in Item 6. of the Declarations and prior to the end of the Policy Period. Such Claim must be reported to the Company, as soon as practicable, but no later than (60) days after the end of the Optional Extended Reporting Period. The Optional Extended Reporting Period shall commence at the end of Policy Period. 4. If this policy is succeeded by another claims-made professional liability policy, then coverage provided under the Optional Extended Reporting Period shall be excess over such other professional liability policy. 5. The quotation of a different premium, Deductible or Self-Insured Retention, limit(s) of insurance or differing terms and conditions for renewal does not constitute a non-renewal for the purpose of this provision. The Optional Extended Reporting Period shall not increase, reinstate or renew the Limits of Insurance under this Policy. N. OTHER INSURANCE This insurance shall be excess over any other valid insurance, whether collectible or not, and whether provided on a primary, excess, contingent or any other basis, provided that such insurance is not specifically written to be excess over this policy. O. SOLE AGENT The First Named Insured is the appointed and irrevocable agent for all Insureds, including, for the purpose of receipt of any notice of cancellation, notice of nonrenewal (if applicable), negotiation and agreement to any endorsement and the payment or return of any premium under this policy. P. SUBROGATION In the event of any payment under this policy, the Company shall be subrogated to all the Insured's rights of recovery therefor against any person or organization and the Insured shall execute and deliver instruments and papers and do whatever else is necessary to secure such rights. The Insured shall do nothing after the Insured becomes aware of a circumstance that reasonably could give rise to a Claim to prejudice such rights. The Company agrees to waive this right of subrogation against the client of the Insured to the extent that the Insured had, prior to a Claim, a written agreement to waive such rights. Q. SERVICE OF SUIT LX4204(07/13) Page 13 of 15