Practice’s Insurance. The Practice shall, as a Practice Expense, obtain and maintain with commercial carriers chosen by the Practice appropriate workers’ compensation coverage for the Practice’s employed personnel, if any, and professional and comprehensive general liability insurance covering the Practice and each of the Professionals involved in the provision of Professional Eye Care Services. The comprehensive general liability coverage with respect to each of the Professionals shall be in the minimum amount of One Million Dollars ($1,000,000) and professional liability coverage shall be in the minimum amount of One Million Dollars ($1,000,000) for each occurrence and One Million Dollars ($1,000,000) annual aggregate. The insurance policy or policies shall provide for at least thirty (30) days’ advance written notice to the Practice from the insurer as to any alteration of coverage, cancellation, or proposed cancellation for any cause. Upon the termination of this Professional Business Management Agreement for any reason, the Practice shall continue to carry professional liability insurance in the amounts specified herein for the shorter period of (i) the period set forth in the Commonwealth’s statute of repose (or if no statute of repose exists, the Commonwealth’s statute of limitations) for bringing professional malpractice claims based upon injuries which are not immediately discoverable plus any applicable tolling periods, or (ii) ten (10) years after termination; or if the Practice dissolves or ceases to practice optometry, the Practice shall obtain and maintain as a Practice Expense “tail” professional liability coverage, in the amounts specified in this Section for the shorter period of (i) the period set forth in the Commonwealth’s statute of repose (or if no statute of repose exists, the Commonwealth’s statute of limitations) for bringing professional malpractice claims based upon injuries which are not immediately discoverable plus any applicable tolling periods, or (ii) ten (10) years. The Practice shall be responsible for paying all premiums for Shareholder “tail” insurance coverage and such coverage shall be a Practice Expense; provided, however, that the Practice may cause its Professionals to be responsible for paying the premiums for such “tail” insurance coverage.
Practice’s Insurance. The Practice shall, as a Practice Expense, --------------------- obtain and maintain with commercial carriers chosen by the Practice appropriate workers' compensation coverage for the Practice's employed personnel, if any, and professional and comprehensive general liability insurance covering the Practice and each of the Professionals and Clinical Personnel the Practice retains to provide Professional Eye Care Services. The comprehensive general liability coverage with respect to each Professional and Clinical Personnel shall be in the minimum amount of One Million Dollars ($1,000,000) and professional liability coverage shall be in the minimum amount of One Million Dollars ($1,000,000) for each occurrence and Three Million Dollars ($3,000,000) annual aggregate; provided, however, that with Business Manager Consent, which shall not be unreasonably withheld or delayed, the Practice may from time-to-time change such liability coverage amounts to amounts which are consistent with industry standards. The insurance policy or policies shall provide for at least thirty (30) days' advance written notice to the Practice from the insurer as to any alteration of coverage, cancellation, or proposed cancellation for any cause. The Practice shall obtain from any insurance company issuing the foregoing policies its consent to the release from liability contained in this Section. The Practice shall cause to be issued to Business Manager by such insurer or insurers a certificate reflecting such coverage and obtain the consent of such insurer or insurers to provide prior written notice to Business Manager equal to notice given to a Professional of the cancellation or proposed cancellation of such insurance for any
Practice’s Insurance. The Practice shall, as a Practice Expense, obtain and maintain with commercial carriers chosen by the Practice appropriate workers' compensation coverage for the Practice's employed personnel, if any, and professional and comprehensive general liability insurance covering the Practice and each of the Professionals and Clinical Personnel the Practice retains to provide Professional Eye Care Services. The comprehensive general liability coverage with respect to each Professional and Clinical Personnel shall be in the minimum amount of One Million Dollars ($1,000,000) and professional liability coverage shall be in the minimum amount of One Million Dollars ($1,000,000) for each occurrence and Three Million Dollars ($3,000,000) annual aggregate; provided, however, that with Business Manager Consent, which shall not be unreasonably withheld or delayed, the Practice may from time-to-time change such liability coverage amounts to amounts which are consistent with industry standards. The insurance policy or policies shall provide for at least thirty (30) days' advance written notice to the Practice from the insurer as to any alteration of coverage, cancellation, or proposed cancellation for any cause. The Practice hereby releases Business Manager from any and all liability for losses or damages caused by any act or neglect of Business Manager occurring after the effective date hereof to the extent that such losses or damages are covered by insurance; provided, however, that such release shall not apply to any loss or damage caused by the willful, wanton, or premeditated negligence of Business Manager. The Practice shall obtain from any insurance company issuing the foregoing policies its consent to the release from liability contained in this Section. The Practice shall cause to be issued to Business Manager by such insurer or insurers a certificate reflecting such coverage and obtain the consent of such insurer or insurers to provide prior written notice to Business Manager equal to notice given to
