Common use of Claims-made limitations Clause in Contracts

Claims-made limitations. The following provisions shall apply if the professional liability coverage is written on a claims-made form: 3.2.1 The retroactive date of the policy must be shown and must be on or before the Effective Date of the Agreement. 3.2.2 Insurance must be maintained and evidence of insurance must be provided for at least five years after completion of the Agreement or the work. 3.2.3 If coverage is canceled or not renewed and it is not replaced with another claims-made policy form with a retroactive date that precedes the date of this Agreement, Consultant/Professional must provide extended reporting coverage for a minimum of five years after completion of the Agreement or the work. The District shall have the right to exercise, at the Consultant/Professional's sole expense, any extended reporting provisions of the policy, if the Consultant/Professional cancels or does not renew the coverage. 3.2.4 A copy of the claim reporting requirements must be submitted to the District prior to the commencement of any work under this Agreement.