Common use of Errors & Omissions Liability Insurance Clause in Contracts

Errors & Omissions Liability Insurance. Policy limits of not less than One Million Dollars ($1,000,000.00) each claim. Throughout the term of this Agreement, the Errors & Omissions Liability Insurance retroactive coverage date will be no later than the Effective Date of this Agreement ("Effective Date" is defined in Section 10.1 below). Upon expiration or termination of this Agreement, ATA will either (i) continue to maintain such coverage for a period of at least one (1) year following the termination of this Agreement; (ii) maintain for at least one (1) year full replacement coverage that also complies with the requirements of this Section 9.1(e); or (iii) maintain, upon terms consistent with all other pertinent terms of the policy then in force, an extended reporting period ending not less than one year following termination of this Agreement ("Extended Reporting Period"), and providing that claims first made and reported to the insurance company within said Extended Reporting Period will be deemed to have been made during the policy period.