For which extended reporting period arrangement is the insured required to pay an additional premium?

The supplemental extended reporting period is the arrangement for which the insured must pay an additional premium. This option typically applies when a business wants to extend the time during which claims can be reported after a policy has expired, particularly when the basic extended reporting period does not provide sufficient coverage duration.

In contrast, the basic extended reporting period does not require an extra premium since it is usually included with the standard policy coverage, allowing claims to be reported for a limited time after the policy ends at no additional cost. Other options, like long-term and standard extended reporting periods, either do not stipulate the payment of a new premium or are not commonly classified under such a fee structure. Therefore, the need for an additional payment in the case of the supplemental extended reporting period distinguishes it from other options.