Professional Liability Policy Clause Samples
A Professional Liability Policy is an insurance clause that provides coverage for claims arising from errors, omissions, or negligence in the performance of professional services. This policy typically applies to professionals such as consultants, architects, engineers, or accountants, protecting them against financial losses resulting from lawsuits or allegations of inadequate work. Its core function is to allocate risk and offer financial protection to professionals, ensuring that they are not personally liable for damages caused by mistakes or failures in their professional duties.
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Professional Liability Policy. Professional liability policy either self-insured or through a common carrier shall be maintained for all employees. The actual amounts will be provided to the Union Office on an annual basis by the Employer’s legal counsel.
Professional Liability Policy. Provide a Professional Liability Insurance Policy appropriate to the Contractor’s profession providing coverage for claims for professional acts, errors and omissions arising out of services performed by the Contractor for the period of performance of this Contract. Coverage shall be in adequate quantity to protect against legal liability arising out of contract activity but no less than $1,000,000 per occurrence and $3,000,000 annual aggregate. If such policy is written on a claims-made form, the policy shall provide full coverage for prior acts or include a retroactive date that precedes the effective date of this contract. The policy shall state that coverage is provided on a claims-made coverage basis, and shall also state the retroactive date. Contractor is required to buy professional liability insurance for a period of thirty- six (36) months after completion of this contract. This requirement may be satisfied by the continuous purchase of commercial insurance or an extended reporting period.
Professional Liability Policy. If services delivered pursuant to this Contract, either directly or indirectly, involve or require providing professional services, then professional liability insurance shall be required. Such coverage shall cover injury or loss resulting from the Center’s rendering of or failing to render professional services and shall be no less than $1,000,000 per incident, loss, or person, as applicable. If defense costs are paid within the limit of liability, the Center shall maintain limits of $2,000,000 per incident, loss, or person, as applicable. If the policy contains a general aggregate or policy limit, it shall be at least two times the incident, loss or per person limit. If professional liability insurance is written on a “claims made” basis, the policy shall provide full coverage for prior acts or include a retroactive date that precedes the effective date of this Contract. The Center is required to buy professional liability insurance for a period of 24 months after completion of this Contract. This requirement may be satisfied by the continuous purchase of commercial insurance or an extended reporting period.
Professional Liability Policy agrees to purchase a professional liability policy which, during the duration of this contract, shall cover .’s responsibilities, described in Section 2 of this contract, in the minimum amount of one million dollars ($1,000,000). . agrees to name CTEC as an additional insured and to provide CTEC with a certificate of insurance as evidence of compliance with this provision.
Professional Liability Policy. Following the Closing Date, the Company shall obtain a professional liability insurance policy in a form reasonably satisfactory to Purchaser, the costs of which shall be paid by Purchaser.
Professional Liability Policy. QA currently maintains in full force and effect a professional liability and errors and omissions policy, a true and correct copy of which is attached as Schedule 4.25 The renewal date for such policy is the 3rd day of June 2003.
Professional Liability Policy with minimum limits of $1,000,000.00 and with deductible or self-insured retention not greater than $100,000.00.
16.2 Any insurance policies which are written on a "claims- made" basis shall include an "extended reporting period" provision of not less than five (5) years following completion of the services covered by this Agreement.
16.3 The insurance coverages required under this Agreement are the minimum amount and types required and shall not in any way limit Architect/Engineer's liability under this Agreement in excess of such coverage, nor shall it preclude the Owner from taking such other actions as are available to it under any other provision of this Agreement or otherwise in law or equity. The Owner's interests shall not be limited, abridged or restricted in any manner or form.
16.4 The Owner shall have the right to terminate this Agreement for cause if the Architect/Engineer fails to maintain the insurance as specified herein.
Professional Liability Policy. COATS agrees to purchase a professional liability policy which, during the duration of this contract, shall cover COATS’s responsibilities, described in Section 2 of this contract, in the minimum amount of one million dollars ($1,000,000). COATS agrees to name CTEC as an additional insured and to provide CTEC with a certificate of insurance as evidence of compliance with this provision.
Professional Liability Policy. The Company currently maintains in full force and effect a professional liability and errors and omissions policy, which is adequate in amount and terms to reasonably protect the Company, its officers and directors against all claims incurred prior to the Closing Date. Such policy shall be in place at closing. The renewal date for such policy is After February 2005. The Company has complied with all requirements of its errors and omissions insurance carrier with respect to documentation of all instances that might give arise to errors and omissions claims.
Professional Liability Policy. Contractor shall have and maintain during the period of this Agreement, a professional liability insurance policy or policies affording professional liability coverage for the professional services to be rendered in accordance with this Agreement, in the minimum amount of $1,000,000.00. Contractor shall maintain professional liability coverage for a minimum of three (3) years after completion of the services rendered herein.