“Extended Reporting Period” Clause
enables the insured to extend coverage for a period of time — it varies among contracts, from 90 days to 12 months — in the event that the insurance company cancels the policy or refuses to renew it.

This coverage applies only to claims for wrongful acts committed prior to termination and not made until some point within the reporting period. If an insured wants this coverage, it normally must notify the insurance company in writing within ten days after policy termination and pay an additional premium. Some insurers may charge up to 50% or more of the full annual premium for the extended reporting period, and this charge is fully earned from the start.