Common use of Errors and Omissions Policy Clause in Contracts

Errors and Omissions Policy. The Custodian shall maintain, at all times and at its own expense, an insurance policy covering losses caused by errors or omissions of the Custodian and its personnel (such policy, an "Errors and Omissions Policy"), which policy shall have such terms and coverage amounts as are comparable to those of errors and omissions policies maintained by custodians of mortgage loans generally. The Errors and Omissions Policy shall insure the Custodian, its successors and assigns, against any losses resulting from negligence, errors or omissions on the part of officers, employees or other persons acting on behalf of the Custodian in the performance of its duties as Custodian pursuant to this Agreement. The Custodian shall maintain in effect the Errors and Omissions Policy at all times and the Errors and Omissions Policy may not be canceled, permitted to lapse or otherwise terminated without the acquisition of comparable coverage by the Custodian.