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VERSATERM PUBLIC SAFETY US, INC.
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Last modified
6/12/2025 9:55:27 AM
Creation date
3/27/2025 9:14:56 AM
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Contracts
Company Name
VERSATERM PUBLIC SAFETY US, INC.
Contract #
N-2025-067
Agency
Police
Expiration Date
2/25/2025
Insurance Exp Date
10/1/2025
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H. DISCOVERY PERIOD <br /> 1. If this Policy or any Coverage Section is cancelled or is not renewed by the Insurer, for reasons other <br /> than non-payment of premium or if the Parent Company elects to cancel or not to renew this Policy or a <br /> Coverage Section,then the Parent Company shall have the right, upon payment of an additional <br /> premium calculated at that percentage shown in Item 5. of the Declarations of the total premium for this <br /> Policy, or the total premium for the cancelled or not renewed Coverage Section,whichever is applicable, <br /> to purchase an extension of the coverage granted by this Policy or the applicable cancelled or not <br /> renewed Coverage Section with respect to any Claim first made during the period of time set forth in Item <br /> 5. of the Declarations after the effective date of such cancellation or, in the event of a refusal to renew, <br /> after the Policy expiration date, but only with respect to any Wrongful Act committed before such date. <br /> The Parent Company shall have the right to elect only one of the Discovery Periods set forth in Item 5. <br /> of the Declarations. <br /> 2. As a condition precedent to the right to purchase the Discovery Period set forth in subsection H.1. <br /> above,the total premium for the Policy must have been paid. Such right to purchase the Discovery <br /> Period shall terminate unless written notice,together with full payment of the premium for the Discovery <br /> Period, is received by Insurer within ninety(90) days after the effective date of cancellation, or, in the <br /> event of a refusal to renew,within ninety(90) days after the Policy expiration date. If such notice and <br /> premium payment is not so given to Insurer,there shall be no right to purchase the Discovery Period. <br /> 3. In the event of the purchase of the Discovery Period,the entire premium therefore shall be deemed <br /> earned at the commencement of the Discovery Period. <br /> 4. The exercise of the Discovery Period shall not in any way increase or reinstate the limit of Insurers <br /> liability under any Coverage Section. <br /> I. TERRITORY <br /> Coverage under this Policy shall extend to Wrongful Acts taking place or Claims made anywhere in the world. <br /> J. ASSISTANCE, COOPERATION AND SUBROGATION <br /> The Insureds agree to provide Insurer with such information, assistance and cooperation as Insurer <br /> reasonably may request, and they further agree that they shall not take any action which in any way increases <br /> Insurer's exposure under this Policy. In the event of any payments under this Policy, Insurer shall be <br /> subrogated to the extent of such payment to all of the Insureds' rights of recovery against any person or entity. <br /> The Insureds shall execute all papers required and shall do everything that may be necessary to secure and <br /> preserve such rights, including the execution of such documents as are necessary to enable Insurer effectively <br /> to bring suit or otherwise pursue subrogation in the name of the Insureds, and shall provide all other assistance <br /> and cooperation which Insurer may reasonably require. The Insurer hereby waives its subrogation rights <br /> against a client of the Insured to the extent that the Insured had, prior to a Claim or a Wrongful Act reasonably <br /> expected to give rise to a Claim, entered into a written agreement to waive such rights. In no event, however, <br /> shall the Insurer exercise its right of subrogation against an Insured under this Policy, unless such Insured <br /> has: <br /> 1. committed a dishonest, fraudulent or criminal act, if established by a final, non-appealable adjudication, <br /> guilty verdict or guilty plea or other written admission under oath by such Insureds; or <br /> 2. obtained any profit or advantage to which the Insured was not legally entitled if established by a final <br /> non-appealable adjudication, guilty verdict or guilty plea or other written admission under oath by such <br /> Insureds. <br /> K. ACTION AGAINST INSURER,ALTERATION AND ASSIGNMENT <br /> No action shall lie against Insurer unless, as a condition precedent thereto, there shall have been compliance <br /> with all of the terms of this Policy. No person or organization shall have any right under this Policy to join <br /> E KS-1 A(06/13) 12/23/2024-Page 4 of 5 <br /> r-4 Nationwide <br /> _ , <br />
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