Common use of Professional Errors and Omissions Liability Clause in Contracts

Professional Errors and Omissions Liability. CONSULTANT shall maintain professional liability insurance applying to liability for a professional, error, act, or omission arising out of the scope of CONSULTANT’S services provided under this Agreement with a limit of not less than $1,000,000 each claim and annual aggregate. CONSULTANT shall maintain professional liability insurance during the term of this Agreement and, if coverage is provided on a “claims made” or “claims made and reported” basis, shall maintain coverage or purchase an extended reporting period for a period of at least three (3) years following the termination of this Agreement.