Insurers must provide a 60-day period, after cancellation or nonrenewal of a claims-made policy is effective, during which time the insured may purchase an extended reporting coverage endorsement, also referred to as tail coverage. If the insured purchases the extended reporting coverage endorsement at any time within the 60-day period following cancellation or nonrenewal of a claims-made policy, the extended reporting coverage shall become effective as of the date the claims-made policy terminated.