Common use of Professional Liability (Errors and Omissions) Insurance Clause in Contracts

Professional Liability (Errors and Omissions) Insurance. The Contractor shall maintain professional liability insurance with a limit of not less than one million dollars ($1,000,000.00) per claim with a two million dollars ($2,000,000.00) aggregate. The Contractor shall continue such coverage for at least five (5) years beyond the expiration or termination of this Contract. The Retroactive Date must be shown and must be before the date of the contract or the beginning of contract work. If coverage is canceled or non-renewed, and not replaced with another claims made policy form with a Retroactive Date prior to the contract effective date, the Contractor must purchase “extended reporting” coverage for a minimum of five (5) years after completion of contract work.