Common use of Errors and Omissions Coverage Clause in Contracts

Errors and Omissions Coverage. Agent is required to maintain Errors & Omissions (“E&O”) liability insurance coverage during the term of this Agreement and shall provide FEG with proof of coverage upon request. The minimum amount of Errors & Omissions coverage required shall be $1,000,000 (One Million Dollars). This requirement may be changed by FEG upon notice to the Agent. Agent shall inform FEG of any material changes in Agent’s E&O coverage within 60 days of the change. Material changes include, but are not limited to, E&O coverage that falls below the minimum amount required, any lapse, cancellation, or termination of E&O coverage, and any restriction(s) placed on Agent’s E&O policy by an E&O carrier. FEG may terminate this Agreement at any time if Agent’s E&O coverage does not meet the minimum amount required by FEG.

Errors and Omissions Coverage. Agent is required to maintain Errors & Omissions (“E&O”) liability insurance coverage during the term of this Agreement and shall provide FEG IFP with proof of coverage upon request. The minimum amount of Errors & Omissions coverage required shall be $1,000,000 (One Million Dollars). This requirement may be changed by FEG IFP upon notice to the Agent. Agent shall inform FEG IFP of any material changes in Agent’s E&O coverage within 60 days of the change. Material changes include, but are not limited to, E&O coverage that falls below the minimum amount required, any lapse, cancellation, or termination of E&O coverage, and any restriction(s) placed on Agent’s E&O policy by an E&O carrier. FEG IFP may terminate this Agreement at any time if Agent’s E&O coverage does not meet the minimum amount required by FEGIFP.