Laserfiche WebLink
Alllanz 4 <br /> C. EXTENDED REPORTING PERIOD <br /> If this Policy is canceled or non-renewed by the Company or the Named Insured for reasons other than non- <br /> payment of premiums or non-compliance with the terms and conditions of this Policy,the Named Insured, <br /> shall have the option to purchase an Extended Reporting Period by advising the Company in writing, as <br /> provided below,of its election to do so,accompanied by the payment of the additional premium specified in <br /> Item 8 of the Declarations.The Extended Reporting Period will apply only to Claims first made against the <br /> Insured during the number of months specified in Item 8 of the Declarations following immediately upon the <br /> effective date of such cancellation or non-renewal,but only by reason of(1)a Breach of Professional Duty <br /> arising out of Professional Services or(2)a Pollution Condition arising out of Covered Operations which <br /> happened subsequent to the Retroactive Date shown in Item 9 of the Declarations and prior to the effective <br /> date of such cancellation or non-renewal, and which is otherwise covered by this Policy. This Extended <br /> Reporting Period,if purchased,must be endorsed hereto. <br /> If however,this Policy is immediately succeeded by similar claims-made insurance coverage issued by any <br /> insurer for which the Retroactive Date is the some as or earlier than that shown in Item 9 of the Declarations, <br /> the succeeding insurance shall be deemed to be a renewal hereof and the Named Insured shall have no <br /> right to an Extended Reporting Period. <br /> The quotation of a different premium or Limit of liability or Self-Insured Retention amount or differing terms <br /> and conditions for renewal does not constitute a refusal to renew for the purpose of this provision. <br /> As a condition precedent to the Named Insured's right to purchase the Extended Reporting Period, the <br /> Named Insured must have satisfied all conditions of this Policy and must have paid all premiums due. <br /> The Named Insured's right to purchase the Extended Reporting Period must be exercised by notice, in <br /> writing,not later than sixty(60)days after the cancellation or Expiration Date of this policy and must include <br /> payment of the entire premium for the Extended Reporting Period as specified in Item 8 of the Declarations. <br /> If such notice and payment are not so given to the Company, the Named Insured shall not be able to <br /> purchase an Extended Reporting Period subsequently. <br /> The Extended Reporting Period shall be non-cancelable.Accordingly,atthe commencement of any Extended <br /> Reporting Period,the entire premium shall be considered earned. <br /> The purchase of the Extended Reporting Period provision shall not reinstate the Policy Aggregate Limit or <br /> otherwise increase the Limits of Liability set forth in Item 4 of the Declarations.. <br /> D. SUBROGATION <br /> In the event of any payment under this Policy,the Company shall be subrogated to all the Insured's rights of <br /> recovery therefor against any person or organization and the Insured shall execute and deliver instruments <br /> and papers and do whatever else is necessary to secure such rights.The Insured shall do nothing after an <br /> incident reasonably likely to give rise to a Claim to prejudice such rights. The Company agrees to waive this <br /> right of subrogation against the client of the Insured to the extent that the Insured had, prior to a Claim,a <br /> written agreement to waive such rights. <br /> E. HOW OTHER INSURANCE APPLIES <br /> Where other insurance is available to the Insured for Loss covered under the terms and conditions of this <br /> Policy,the Company's obligation to the Insured shall be as follows: <br /> 1. This Policy shall apply as excess insurance over any other valid insurance,whether collectible or not, <br /> be it primary,excess or contributing.This excess insurance shall in no way be increased or expanded <br /> as a result of the receivership,insolvency,or inability to pay of any insurer with respect to both the duty <br /> to indemnify and the duty to defend.This also applies to the Insured while acting as a self-insured for <br /> any coverage. <br /> 2. Where,in accordance with paragraph 1,above,this Policy is excess insurance,the Company will: <br /> a. pay only its share of the amount of Loss,if any,that exceeds the total amount of all such valid <br /> insurance, whether collectible or not, including any deductible, self-insured retention or other <br /> retained amount;and <br /> BVNA 001(01-23)0124 Rev Page 10 of 13 @2024 Allionz Global Risk U.S.Insurance Co. <br /> All rights reserved. <br />