So it seems that the "SendTimeout" attribute of PollingDuplexHttpBinding does the job:
<extensions>
<bindingExtensions>
<add name="pollingDuplexHttpBinding" type="System.ServiceModel.Configuration.PollingDuplexHttpBindingCollectionElement, System.ServiceModel.PollingDuplex, Version=4.0.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35"/>
</bindingExtensions>
</extensions>
<bindings>
<pollingDuplexHttpBinding>
<binding name="myPollingDuplex" sendTimeout="00:00:05"/>
</pollingDuplexHttpBinding>
</bindings>
<services>
<service name="Kodak.Pgy.Server.Event.WCFService.EventService" behaviorConfiguration="EventBehavior">
<!--For duplex communication with the service from silverlight client-->
<endpoint address="/for-silverlight" binding="pollingDuplexHttpBinding" bindingConfiguration="myPollingDuplex" contract="IEventService"/>
</service>
</services>