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Professional Liability Insurance Policy <br />In the event of any payment of any Claim under this Policy, the Company will be <br />subrogated in the amount of such payment to all of the Insureds rights of recovery against <br />any person or organization. The Insured must do everything reasonably necessary to <br />secure these rights and must do nothing after a Claim is made to jeopardize such rights. <br />The Company shall have priority over the Insured in allocation of any recovery, and any <br />amounts recovered in excess of the Company's total payment and the cost to the <br />Company of recovery shall be paid to the Insured. The Limit of Insurance shall be <br />reinstated by the amount recovered by the Company, less the cost to the Company of <br />recovery. However, the Company herby waives such subrogation rights against any <br />Insured under this Policy, and also against the Insured's client to the extent that the <br />Insured had, prior to the Claim or Circumstance, a written agreement to waive such rights, <br />provided that prior to such writing no Insured had a basis to believe that any matter <br />asserted in the Claim or Circumstance might reasonably be expected to be the basis of a <br />Claim. <br />IX. EXTENDED REPORTING PERIOD <br />A. EXTENDED REPORTING PERIOD <br />The Insured shall be entitled to an Automatic Extended Reporting Period, and the Named <br />Insured shall be entitled to purchase an Optional Extended Reporting Period, if this Policy <br />is cancelled or non -renewed for any reason other than non-payment of the premium, fraud <br />or material misrepresentation, and the Insured has not purchased other insurance to <br />replace this Policy. If this Policy is renewed, the Insured shall be entitled to an Automatic <br />Renewal Extended Reporting Period, as set forth below in Paragraph B. <br />The Extended Reporting Period neither extends the Policy Period, nor changes the scope <br />of coverage provided by this Policy. The Extended Reporting Period shall not modify, <br />reinstate or increase the Limits of Insurance of this Policy, and any payment made by the <br />Company during the Extended Reporting Period shall reduce the available Limits of <br />Insurance. <br />B. AUTOMATIC EXTENDED REPORTING PERIOD <br />The Automatic Extended Reporting Period is a sixty (60) day period, which begins on the <br />effective date of termination of this Policy. The Insured shall be entitled to an Automatic <br />Extended Reporting Period for no additional premium charge. <br />The Automatic Extended Reporting Period shall apply as follows: <br />A Claim first made against the Insured during the Policy Period and reported to the <br />Company, in writing, during the Automatic Extended Reporting Period will be deemed <br />to have been made and reported on the last day of the Policy Period, provided that <br />such Claim is otherwise covered under this Policy. All such Claims shall arise out of a <br />Wrongful Act in the performance or non-performance of Professional Services that <br />was committed on or after the Retroactive Date and before the end of the Policy <br />Period. <br />If the Optional Extended Reporting Period is purchased, then the Automatic Extended <br />Reporting Period shall not apply. <br />C. OPTIONAL EXTENDED REPORTING PERIOD <br />ECC-1313-0118 © Freberg Environmental, 2018 <br />All fights reserved. <br />RGkMmagemottAxs�on <br />REVEWED S APPROVED BY. <br />Risk Management SpeaNut <br />