COVERAGE AGREEMENT. 1. We will pay on behalf of a covered party those sums in excess of the retention set forth below that the covered party becomes legally obligated to pay as damages for a covered party’s errors and omissions in connection with the covered entity's operation of a housing authority. 2. For purposes of this Errors and Omissions coverage part, a claim means a civil proceeding commenced by the service of a complaint filed in a court of competent jurisdiction. 3. A claim for errors and omissions must be made during the coverage period for acts committed on or after the Retroactive Date. A claim by a person or organization seeking damages will be deemed to have been made when notice of such claim is received and recorded by any covered party or by us, whichever comes first. All claims for damages because of the same errors and omissions causing loss to the same person or organization will be deemed to have been made at the time the first of these claims is made against any covered party. 4. Claims under this coverage part are subject to a deductible of 10 %, subject to a minimum deductible of $2,500 per claim.
Appears in 6 contracts
Samples: Coverage Agreement, Coverage Agreement, Coverage Agreement
