Common use of Claims Made Policy Forms Clause in Contracts

Claims Made Policy Forms. Should any of the required liability coverages be on a “Claims Made” Basis, coverage must be available for the duration of the Contract and for a minimum of three (3) years after final payment under the Contract. In the event that such policies are cancelled or not renewed at any time, the Covered Party shall provide a substitute insurance policy with an inception date the same as the prior policy’s cancellation date and the substitute insurance policy shall carry forward the same retroactive date as the cancelled policy to fill any gaps in coverage which may exist due to the cancellation or non-renewal of the prior “claims-made” policies. With respect to all “claims made” policies which are renewed, the Consultant shall provide coverage retroactive to the date of commencement of work under this Contract.