Extended reporting period rules for commercial general liability policies

Any policy for commercial general liability coverage wherein the insurer shall offer and the insured may elect to purchase an extended reporting period for claims arising during the expiring policy period shall provide that: (1) In the event of a cancellation, there shall be a thirty-day period during which the insured may elect to purchase coverage for the extended reporting period; (2) The limit of liability in the policy aggregate for the extended reporting period shall be one hundred per cent of the expiring policy aggregate; and (3) The insurer shall provide the following loss information to the first named insured within thirty days of the insured's request or upon any notice of cancellation or nonrenewal: (A) All information on closed claims including the date and description of occurrence and amount of payments, if any; (B) All information on open claims including the date and description of occurrence, amount of payment, if any, and amount of reserves, if any; and (C) All information on notices of occurrence including the date and description of occurrence and amount of resources, if any.