If an insured has a claims-made commercial general liability policy with the basic extended reporting period, the insurer will pay for losses after the policy has been canceled as long as the occurrence is reported within 60 days of cancellation and the claim is filed within how many years? 5 10 3 2: The purpose of the extended reporting period in a commercial general liability policy is to provide 3: coverage for events that have happened before the policy became effective additional time for the insured to make monthly reports of information for rating purposes O coverage for events that happen up to 5 years after a claims-made policy has expired coverage for claims made after the policy expires