Common use of Professional Liability (Errors and Omissions) Insurance Clause in Contracts

Professional Liability (Errors and Omissions) Insurance. Limits shall not be less than the following: (a) For Projects with a budgeted construction cost of more than $30,000,000: i. For Design Professionals – $3,000,000 per claim and $4,000,000 in aggregate coverage; ii. For Subconsultant Engineers and Architects – $2,000,000 per claim and $3,000,000 in aggregate coverage; iii. For Other Consultants – $1,000,000 per claim and $2,000,000 in aggregate coverage. At the Design Professional’s request, the Owner may, at its sole discretion, agree to a lower limit for certain consultants. (b) For Projects with a budgeted construction cost of $20,000,000 up to $30,000,000: i. For Design Professionals – $2,000,000 per claim and $3,000,000 in aggregate coverage; ii. For Subconsultant Engineers and Architects – $1,000,000 per claim and $2,000,000 in aggregate coverage; iii. For Other Consultants – $1,000,000 per claim and $1,000,000 in aggregate coverage. At the Design Professional’s request, the Owner may, at its sole discretion, agree to a lower limit for certain consultants. (c) For Projects with a budgeted construction cost of less than $20,000,000: i. For Design Professionals – $1,000,000 per claim and $1,000,000 in aggregate coverage; ii. For Subconsultant Engineers and Architects – $1,000,000 per claim and $1,000,000 in aggregate coverage; iii. For Other Consultants – $1,000,000 per claim and $1,000,000 in aggregate coverage. At the Design Professional’s request, the Owner may, at its sole discretion, agree to a lower limit for certain consultants. (d) The Design Professional shall maintain professional liability insurance that shall be either a practice policy or project-specific coverage. Professional liability insurance shall contain prior acts coverage for services performed by the Design Professional for this Project. If project-specific coverage is used, these requirements shall be continued in effect for three years following the issuance of the Certificate of Final Completion for the Project.

Professional Liability (Errors and Omissions) Insurance. Limits shall not be less than the following: (a) For Projects with a budgeted construction cost of more than $30,000,000: i. For Design Professionals – $3,000,000 per claim and $4,000,000 in aggregate coverage; ii. For Subconsultant Engineers and Architects – $2,000,000 per claim and $3,000,000 in aggregate coverage; iii. For Other Consultants – $1,000,000 per claim and $2,000,000 in aggregate coverage. At the Design Professional’s request, the Owner may, at its sole discretion, agree to a lower limit for certain consultants. (b) For Projects with a budgeted construction cost of $20,000,000 up to $30,000,000: i. For Design Professionals – $2,000,000 per claim and $3,000,000 in aggregate coverage; ii. For Subconsultant Engineers and Architects – $1,000,000 per claim and $2,000,000 in aggregate coverage; iii. For Other Consultants – $1,000,000 per claim and $1,000,000 in aggregate coverage. At the Design Professional’s request, the Owner may, at its sole discretion, agree to a lower limit for certain consultants. (c) For Projects with a budgeted construction cost of less than $20,000,000: i. For Design Professionals – $1,000,000 per claim and $1,000,000 in aggregate coverage; ii. For Subconsultant Engineers and Architects – $1,000,000 per claim and $1,000,000 in aggregate coverage; iii. For Other Consultants – $1,000,000 per claim and $1,000,000 in aggregate coverage. At the Design Professional’s request, the Owner may, at its sole discretion, agree to a lower limit for certain consultants. (d) The Design Professional shall maintain professional liability insurance that shall be either a practice policy or project-specific coverage. Professional liability insurance shall contain prior acts coverage for services performed by the Design Professional for this Project. If project-specific coverage is used, these requirements shall be continued in effect for three two years following the issuance of the Certificate of Final Completion for the Project.

Professional Liability (Errors and Omissions) Insurance. Limits shall not be less than the following: (a) For Projects with a budgeted construction cost of more than $30,000,000: i. For Design Professionals – $3,000,000 per claim and $4,000,000 in annual aggregate coverage; ii. For Subconsultant Engineers and Architects – $2,000,000 per claim and $3,000,000 in annual aggregate coverage; iii. For Other Consultants – $1,000,000 per claim and $2,000,000 in annual aggregate coverage. At the Design Professional’s request, the Owner may, at its sole discretion, agree to a lower limit for certain consultants. (b) For Projects with a budgeted construction cost of $20,000,000 up to $30,000,000: i. For Design Professionals – $2,000,000 per claim and $3,000,000 in annual aggregate coverage; ii. For Subconsultant Engineers and Architects – $1,000,000 per claim and $2,000,000 in annual aggregate coverage; iii. For Other Consultants – $1,000,000 per claim and $1,000,000 in annual aggregate coverage. At the Design Professional’s request, the Owner may, at its sole discretion, agree to a lower limit for certain consultants. (c) For Projects with a budgeted construction cost of less than $20,000,000: i. For Design Professionals – $1,000,000 per claim and $1,000,000 in annual aggregate coverage; ii. For Subconsultant Engineers and Architects – $1,000,000 per claim and $1,000,000 in annual aggregate coverage; iii. For Other Consultants – $1,000,000 per claim and $1,000,000 in annual aggregate coverage. At the Design Professional’s request, the Owner may, at its sole discretion, agree to a lower limit for certain consultants. (d) The Design Professional shall maintain professional liability insurance that shall be either a practice policy or project-specific coverage. Professional liability insurance shall contain prior acts coverage for services performed by the Design Professional for this Project. If project-specific coverage is used, these requirements Coverage shall be continued in effect maintained for not less than three years following the issuance of the Certificate of Final Completion for the Project.