Professional Errors and Omissions Coverage Clause Samples
The Professional Errors and Omissions Coverage clause requires a party, typically a service provider or contractor, to maintain insurance that protects against claims arising from professional mistakes, negligence, or failures in the performance of their duties. This coverage applies to situations where errors in judgment, incorrect advice, or omissions in service delivery result in financial loss or legal liability for clients. By mandating this insurance, the clause ensures that both the service provider and the client are financially protected against the risks associated with professional errors, thereby allocating risk and promoting accountability.
Professional Errors and Omissions Coverage. Consultant agrees to carry Professional Errors and Omissions Liability insurance on a policy form appropriate to the professionals providing the Services hereunder with a limit of no less than $2,000,000 per claim. Consultant shall maintain this insurance for damages alleged to be as a result of errors, omissions, or negligent acts of Consultant. Such policy shall have a retroactive date effective before the commencement of any work by Consultant on the Services covered by this Agreement, and coverage will remain in force for a period of at least three (3) years after termination of this Agreement.
Professional Errors and Omissions Coverage. Contractor agrees to carry Professional Errors and Omissions Liability insurance on a policy form appropriate to the professionals providing the Work hereunder with a limit of no less than $2,000,000 per claim. Contractor shall maintain this insurance for damages alleged to be as a result of errors, omissions, or negligent acts of Contractor. Such policy shall have a retroactive date effective before the commencement of any work by Contractor on the Work covered by this Contract, and coverage will remain in force for a period of at least three (3) years after termination of this Contract.
Professional Errors and Omissions Coverage. Auditor agrees to carry Professional Errors and Omissions Liability insurance on a policy form appropriate to the professionals providing the Services hereunder with a limit of no less than $2,000,000 per claim. Auditor shall maintain this insurance for damages alleged to be as a result of errors, omissions, or negligent acts of Auditor. Such policy shall have a retroactive date effective before the commencement of any work by Auditor on the Services covered by this Agreement, and coverage will remain in force for a period of at least three (3) years after termination of the Agreement.
Professional Errors and Omissions Coverage. Tesla shall maintain professional errors and omissions coverage in a sum of at least $1,000,000 per claim and $1,000,000 in the aggregate. If the policy is written on a claims-made basis, the certificate should so specify and the policy must continuously be renewed for three (3) years after the Commencement Date. The retroactive date of coverage must also be listed.
Professional Errors and Omissions Coverage. Management Company shall obtain and maintain during the term of this Agreement, on behalf of itself and Professional Association, if available on commercially reasonable terms as determined by Management Company, professional errors and omissions insurance and general liability insurance, with coverage in amounts to be agreed upon. To the extent obtainable without incurring additional material expense, the policies providing coverage to Management Company shall name Professional Association as an additional insured, and the policies providing coverage to Professional Association shall name Management Company as an additional insured.
Professional Errors and Omissions Coverage. ETA agrees to carry Professional Errors and Omissions Liability insurance on a policy form appropriate to the professionals providing the Services hereunder with a limit of no less than $2,000,000 per claim. ETA shall maintain this insurance for damages alleged to be as a result of errors, omissions, or negligent acts of ETA. Such policy shall have a retroactive date effective before the commencement of any work by ETA on the Services covered by this Agreement, and coverage will remain in force for a period of at least three (3) years thereafter.
Professional Errors and Omissions Coverage. For any and all professional services by Developer and/or its agents, consultants, contractors, or affiliates, including, but not limited to, architectural, engineering, surveying, appraising, and environmental testing services, such entity must carry Professional Errors and Omissions Liability insurance on a policy form appropriate to the professionals providing the Services hereunder with a limit of no less than $2,000,000 per claim. This insurance must be maintained for damages alleged to be as a result of errors, omissions, or negligent acts of the relevant entity. Such policy shall have a retroactive date effective before the commencement of any work by the relevant entity, and coverage will remain in force for a period of at least three (3) years after termination of this Agreement.