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If you do not owe us any premium or other monies, this policy may only be canceled by us for material misrepresentation, however we may elect not to renew the policy by mailing to you at the address shown in Item 1 of the Declarations written notice stating when, no less than 60 days prior to expiration. If you owe us any monies, this policy may be canceled by us by mailing a written notice of cancellation to you at the address shown in Item 1 of the Declarations stating when, not less than 20 days thereafter, such cancellation will be effective. The mailing of notice as stated above will be sufficient proof of notice. The time of surrender or the effective date and hour of cancellation stated in the notice will become the end of the policy period. Delivery by hand or overnight courier (where permitted) of such notice either by you or by us will be equivalent to mailing. If you cancel the policy, returned premium will be computed in accordance with customary short rate table and procedure. If we cancel the policy, earned premium will be computed pro rata. Premium adjustment may be made either at the time cancellation is effected or as soon as practicable after cancellation becomes effective. Payment or tender of unearned premium is not a condition precedent of cancellation, but such payment will be made as soon as practicable. 6.9 Extended Reporting Period Options 6.9.1 Automatic Extended Reporting Period Without any additional premium being required you shall have sixty (60) days after the effective date of cancellation or, in the event of non-renewal, after the date upon which the policy period ends, to report any claim first made against you during this sixty (60) day period. This Automatic extended reporting period shall terminate, and you shall not be entitled to any such Automatic extended reporting period, in the event that this insurance is replaced with the same or similar insurance issued by us or any other professional liability insurer, whether or not the terms, limits or deductibles are identical to those provided under this policy. This automatic extended reporting period option shall not be available if this policy is canceled effective as of policy inception for non-payment of premium. 6.9.2 Optional Extended Reporting Period In the event of cancellation or nonrenewal of this policy by either you or us, you have the right, upon payment to us or any of our authorized agents of an appropriate additional premium within 60 days of such termination, to have issued an endorsement providing an extended reporting period. Coverage for claims reported during the extended reporting period applies only to claims 1) for covered acts which occurred prior to the cancellation, termination, or nonrenewal date of this policy and 2) which are otherwise covered under this policy. The appropriate additional premium and corresponding extended reporting period are a percent of the last annual premium charged as follows: a. 100% for a twelve (12) months Extended Reporting Period; b. 125% for a twenty-four (24) months Extended Reporting Period; c. 150% for a thirty-six (36) months Extended Reporting Period; d. 175% for a sixty (60) months Extended Reporting Period; and e. 225% for an unlimited Extended Reporting Period. We will issue an Optional Extended Reporting Period endorsement only if: 6.9.2.1 you request it within sixty (60) days of the end of the cancellation, termination, or nonrenewal date of this policy; 6.9.2.2 you have paid all premiums for this Policy at the time you request an Optional Extended Reporting Period Endorsement; and 6.9.2.3 you promptly pay when due the additional premium for the endorsement but no later than 60 (sixty) days after the cancellation, termination, or nonrenewal date of this policy. LPLPOL01 [10/10] Page 11 of 14 Protective Insurance Company