School Leader’s Errors and Omissions Liability Clause Samples

School Leader’s Errors and Omissions Liability. The school leader’s errors and omissions liability insurance provided by the School shall conform to the requirements hereinafter set forth: (i) The school leader’s errors and omissions liability insurance shall be on a form acceptable to the Sponsor and shall apply to those claims which arise out of services performed by or on behalf of the School pursuant to this Contract which are first reported to the School within four years after the expiration or termination of this Contract. (ii) If the insurance maintained by the School also applies to services other than services under this Contract, the minimum limits of insurance maintained by the School shall be $1,000,000 per claim/annual aggregate. If the insurance maintained by the School applies exclusively to the services under this Contract, the minimum limits of insurance maintained by the School shall be $1,000,000 per claim/annual aggregate. (iii) Except as otherwise specifically authorized in this Contract, the insurance may be subject to a deductible not to exceed $15,000 per claim (note: the deductible must be shown in the School’s financial statements as being available and supported by the School’s net worth; if not, then the deductible must be reduced to an amount supported by the School’s finances). (iv) The School shall maintain the school leader’s errors and omissions liability insurance until the end of the term of this Contract. Through the use of an extended discovery period or otherwise, the insurance shall apply to those claims which arise out of professional services, prior to the expiration or termination of this Contract which are reported to the School or the insurer within four years after the expiration or termination of this Contract.