Common use of EXTENDED LIABILITY Clause in Contracts

EXTENDED LIABILITY. 1. If the insurance contract ends due to the complete or permanent discontinuation of the insured risk or due to termination by the insurer or the policyholder / the insured person under Clause 1.01.1 and 1.01.2, then insurance cover shall continue for such personal injury, property damage or jointly insured pecuniary losses under Clause 4.01.1 which occurred during the validity of the insurance policy but which had not yet been established at the time of the termination of the insurance contract. The following provisions shall apply: - The insurance cover shall apply for a term of 3 years from the date upon which the insurance contract ends. - The insurance cover shall continue for the entire period of extended liability within the scope of the insurance applicable upon the termination of the insurance contract, and shall also continue up to the amount of the unspent part of the insured sums for the insurance year in which the insurance contract ends.