Common use of Errors and Omissions Insurance Clause in Contracts

Errors and Omissions Insurance. The Board agrees to pay the premium amount for errors and omissions insurance coverage for the Administrator while engaged in the performance of a governmental function and while the Administrator is acting within the scope of his/her authority. The policy limits for this coverage shall be not less than Five Million Dollars ($5 million). A. The terms of the errors and omissions insurance policy shall control the Administrator's defense and indemnity. The Board’s sole obligation shall be limited to the payment of premium amounts for the above errors and omissions coverage. B. If such insurance coverage cannot be purchased in the above amount or at a reasonable premium rate, the Board will promptly notify the Administrator of that fact and the parties will promptly meet and confer to reach a mutually agreeable solution to address that situation. In that event, the Board agrees on a case-by-case basis to consider providing legal defense or indemnification to the Administrator as authorized under MCL 691.1408 and MCL 380.11a(3)(d).

Errors and Omissions Insurance. The Board agrees to pay the premium amount for errors and omissions insurance coverage for the Administrator Superintendent while engaged in the performance of a governmental function and while the Administrator Superintendent is acting within the scope of his/her his authority. The policy limits for this coverage shall will be not less than Five Million Dollars ($5 2 million). A. The terms of the errors and omissions insurance policy shall will control the AdministratorSuperintendent's defense and indemnity. The Board’s 's sole obligation shall will be limited to the payment of premium amounts for the above errors and omissions coverage. B. If such insurance coverage cannot be purchased in the above amount amounts or at a reasonable premium rate, the Board will promptly have the right to discontinue said coverage and will notify the Administrator of that fact and the parties will promptly meet and confer to reach a mutually agreeable solution to address that situationSuperintendent. In that event, the Board agrees on a case-by-case basis to consider providing legal defense or indemnification to the Administrator Superintendent as authorized under MCL 691.1408 and MCL 380.11a(3)(d).

Errors and Omissions Insurance. The Board agrees to pay the premium amount for errors and omissions insurance coverage for the Administrator Superintendent while engaged in the performance of a governmental function and while the Administrator Superintendent is acting within the scope of his/her authority. The policy limits for this coverage shall be not less than Five Million Dollars ($5 million). A. The terms of the errors and omissions insurance policy shall control the AdministratorSuperintendent's defense and indemnity. The Board’s sole obligation shall be limited to the payment of premium amounts for the above errors and omissions coverage. B. If such insurance coverage cannot be purchased in the above amount or at a reasonable premium rate, the Board will promptly notify the Administrator Superintendent of that fact and the parties will promptly meet and confer to reach a mutually agreeable solution to address that situation. In that event, the Board agrees on a case-by-case basis to consider providing legal defense or indemnification to the Administrator Superintendent as authorized under MCL 691.1408 and MCL 380.11a(3)(d).

Errors and Omissions Insurance. The Board agrees to will pay the premium amount for errors and omissions insurance coverage for the Administrator while engaged in the performance of a governmental function and while the Administrator Administrators is acting within the scope of his/her his authority. The policy limits for this coverage shall will be not less than Five Million Dollars ($5 million). A. two million dollars. The terms of the errors and omissions insurance policy shall will control the Administrator's defense and indemnity. The Board’s sole obligation shall will be limited to the payment of premium amounts for the above errors and omissions coverage. B. . If such insurance coverage cannot be purchased in the above amount or at a reasonable premium rate, the Board will promptly notify the Administrator of that fact and the parties will promptly meet and confer to reach a mutually agreeable solution to address that situation. In that event, the Board agrees will on a case-by-case basis to consider providing legal defense or indemnification to the Administrator as authorized under MCL 691.1408 and MCL 380.11a(3)(d).