Common use of Insurance Policy on Occurrence Form Clause in Contracts

Insurance Policy on Occurrence Form. ‌ For full coverage, each insurance policy shall be written on an “occurrence” form; excepting that insurance for professional liability, when required, may be acceptable on a “claims made” form. If coverage is approved and purchased on a “claims made” basis, Contractor warrants continuation of coverage, either through policy renewals or the purchase of an extended discovery period, if such extended coverage is available, for not less than three (3) years from the date of completion of the Work which is the subject of this Agreement. A retroactive date or “prior acts date” of any such “claims made” policy must be no later than the Effective Date.