Common use of Professional Liability Insurance Requirements Clause in Contracts

Professional Liability Insurance Requirements. 9.2.1 The Professional's professional liability policy(ies): (i) shall be issued by an insurance company licensed to do business in the State of New York and rated at least B+ by A.M. Best and Company, or meet such other requirements as are acceptable to the Owner; (ii) shall be kept in force throughout performance of the Professional's services and for five (5) years after the end of such performance if on a claims-made policy; (iii) may be a claims-made policy; and, (iv) shall be evidenced by a certificate of insurance acceptable to the Owner. The Professional shall purchase at its sole expense extended Discovery Clause coverage of up to three (3) years after work is completed if coverage is canceled or not renewed. Written proof of this extended reporting period must be provided to the Owner prior to expiration or cancellation. 9.2.2 If applicable, as referenced in Chapter One of the Contract for Professional Services, Article 7, iv (a), the Professional’s Asbestos Professional Liability policy: (i) shall provide coverage of the Professional’s negligence, errors or omissions in rendering or failing to render services of an engineering or consulting nature arising out of specifications, installation, modification, abatement, replacement or approval of products, materials or processes containing asbestos, and the failure to advise of or detect the existence or the proportions of asbestos. 9.2.3 If applicable, as referenced in Chapter One of the Contract For Professional Services, Article 7, iv (b), the Professional’s Environmental Engineers and Consultants Professional Liability policy: (i) shall provide coverage of the Professional’s negligence, errors or omissions in rendering or failing to render services of an engineering or consulting nature arising out of their environmental engineering or consulting.

Professional Liability Insurance Requirements. 9.2.1 The Professional's professional liability policy(ies): (i) shall be issued by an insurance company licensed to do business in the State of New York and rated at least B+ by A.M. Best and Company, or meet such other requirements as are acceptable to the Owner; (ii) shall be kept in force throughout performance of the Professional's services and for five (5) years after the end of such performance if on a claims-made policy; (iii) may be a claims-made policy; and, (iv) shall be evidenced by a certificate of insurance acceptable to the Owner. The Professional shall purchase at its sole expense extended Discovery Clause coverage of up to three (3) years after work is completed if coverage is canceled or not renewed. Written proof of this extended reporting period must be provided to the Owner prior to expiration or cancellation. 9.2.2 If applicable, as referenced in Chapter One of the Contract for For Professional Services, Article 7, iv (a), the Professional’s Asbestos Professional Liability policy: (i) shall provide coverage of the Professional’s negligence, errors or omissions in rendering or failing to render services of an engineering or consulting nature arising out of specifications, installation, modification, abatement, replacement or approval of products, materials or processes containing asbestos, and the failure to advise of or detect the existence or the proportions of asbestos. 9.2.3 If applicable, as referenced in Chapter One of the Contract For Professional Services, Article 7, iv (b), the Professional’s Environmental Engineers and Consultants Professional Liability policy: (i) shall provide coverage of the Professional’s negligence, errors or omissions in rendering or failing to render services of an engineering or consulting nature arising out of their environmental engineering or consulting.