Common use of Maintenance of Fidelity Bond Clause in Contracts

Maintenance of Fidelity Bond. Beacon Hill shall maintain a fidelity bond covering larceny and embezzlement and an insurance policy with respect to directors and officers errors and omissions coverage in amounts that are appropriate in light of its duties and responsibilities hereunder. Upon the request of the Trust, Beacon Hill shall provide evidence that coverage is in place. Beacon Hill shall notify the Trust should its insurance coverage with respect to professional liability or errors and omissions coverage be canceled. Such notification shall include the date of cancellation and the reasons therefore. Beacon Hill shall notify the Trust of any material claims against it with respect to services performed under this Agreement, whether or not they may be covered by insurance, and shall notify the Trust should the total outstanding claims made by Beacon Hill under its insurance coverage materially impair, or threaten to materially impair, the adequacy of its coverage.