Project Professional Liability Sample Clauses
The Project Professional Liability clause establishes the requirement for professionals involved in a project, such as architects or engineers, to maintain liability insurance covering errors, omissions, or negligent acts in their services. This clause typically specifies the minimum coverage limits, the duration for which the insurance must be maintained (often through the project and for a period after completion), and may require proof of insurance before work begins. Its core function is to protect the project owner from financial losses resulting from professional mistakes, ensuring that there is a source of compensation if the professional's work leads to defects or damages.
Project Professional Liability. If OWNER notifies DESIGN PROFESSIONAL that a project professional liability policy will be purchased, then DESIGN PROFESSIONAL agrees to use its best efforts in cooperation with OWNER and OWNER’S insurance representative, to pursue the maximum credit available from the professional liability carrier for a reduction in the premium of DESIGN PROFESSIONAL’S professional liability policy. If no credit is available from DESIGN PROFESSIONAL’S current professional policy underwriter, then DESIGN PROFESSIONAL agrees to pursue the maximum credit available on the next renewal policy, if a renewal occurs during the term of the project policy (and on any subsequent professional liability policies that renew during the term of the project policy). DESIGN PROFESSIONAL agrees that any such credit will fully accrue to OWNER. Should no credit accrue to OWNER, OWNER and DESIGN PROFESSIONAL, agree to negotiate in good faith a credit on behalf of OWNER for the provision of project-specific professional liability insurance policy in consideration for a reduction in DESIGN PROFESSIONAL’S self-insured retention and the risk of uninsured or underinsured Consultants. DESIGN PROFESSIONAL agrees to provide the following information when requested by OWNER or OWNER’S Project Manager:
a. The date the professional liability insurance renews.
b. Current policy limits.
c. Current deductibles/self-insured retention.
d. Current underwriter.
e. Amount (in both dollars and percent) the underwriter will give as a credit if the policy is replaced by an individual project policy.
f. Cost of professional insurance as a percent of revenue.
g. Affirmation that the design firm will complete a timely project errors and omissions application. If OWNER elects to purchase a project professional liability policy, DESIGN PROFESSIONAL to be insured will be notified and OWNER will provide professional liability insurance, naming DESIGN PROFESSIONAL and its professional Consultants as named insureds. SCHEDULE F RATE SCHEDULE F-1 (SDP-CM)
Project Professional Liability. Wrap-up Insurance, or any other additional insurance requested by Owner will be furnished as a direct reimbursable expense per paragraph 2.0 above.
Project Professional Liability. If OWNER notifies PROGRAM MANAGER that a project professional liability policy will be purchased, then PROGRAM MANAGER agrees to use its best efforts in cooperation with OWNER and OWNER’S insurance representative, to pursue the maximum credit available from the professional liability carrier for a reduction in the premium of PROGRAM MANAGER’S professional liability policy. If no credit is available from PROGRAM MANAGER’S current professional policy underwriter, then PROGRAM MANAGER agrees to pursue the maximum credit available on the next renewal policy, if a renewal occurs during the term of the project policy (and on any subsequent professional liability policies that renew during the term of the project policy). PROGRAM MANAGER agrees that any such credit will fully
Project Professional Liability. If OWNER notifies PROGRAM MANAGER that a project professional liability policy will be purchased, then PROGRAM MANAGER agrees to use its best efforts in cooperation with OWNER and OWNER’S insurance representative, to pursue the maximum credit available from the professional liability carrier for a reduction in the premium of PROGRAM MANAGER’S professional liability policy. If no credit is available from PROGRAM MANAGER’S current professional policy underwriter, then PROGRAM