Common use of Professional Liability Policy Clause in Contracts

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. If services delivered pursuant to this Contract, either directly or indirectly, involve or require providing professional services, then than professional liability insurance shall be required. Such coverage shall cover injury or loss resulting from the CenterContractor’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 Contractor 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 Contractor 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.