Common use of Errors and Omissions Liability Coverage Clause in Contracts

Errors and Omissions Liability Coverage. As a condition precedent and an ongoing obligation throughout the Term of this Agreement, Producer shall, prior to or contemporaneously with the execution of this Agreement, provide Orchid with certificates of insurance demonstrating the existence of the following insurance coverage for services performed pursuant to this Agreement, from an insurance carrier acceptable to Orchid and having an A.M. Best Rating of A- or greater: Errors and omissions for the services performed pursuant to this Agreement in an amount of at least $1,000,000 per claim and $1,000,000 in the aggregate and a deductible or self-insured retention of no greater than $50,000. Producer shall maintain errors and omissions coverage and provide proof of continuing insurance upon request by ▇▇▇▇▇▇. Producer shall promptly notify Orchid of any claims made against Producer relating to such coverage.