Common use of Professional Services Liability Clause in Contracts

Professional Services Liability. The CMR shall furnish evidence by way of a certificate of insurance that it has obtained a professional services liability insurance policy with Three Million Dollars ($3,000,000.00) each occurrence and annual aggregate minimum coverage for negligence and errors and/or omissions including rectification and mitigation coverage. If any claims are paid against its professional services liability insurance policy, the CMR agrees to purchase additional insurance in order to maintain the minimum coverage of Three Million Dollars ($3,000,000.00). The insurance shall remain in effect during the entire duration of this contract and for Six (6) years after Substantial Completion of the project. For policies written on a “Claims Made” basis, the CMR agrees to maintain a retroactive date prior to or equal to the effective date of the Agreement. The CMR’s policy shall provide that it shall defend, indemnify and save harmless the State and its officers, agents and employees from claims, suits, actions, damages and costs of every name and description resulting from negligence and errors and/or omissions in the Work performed by the CMR under the terms of this contract.

Professional Services Liability. The CMR shall furnish evidence by way of a certificate of insurance that it has obtained a professional services liability insurance policy with Three One Million Dollars ($3,000,000.001,000,000.00) each occurrence and annual aggregate minimum coverage for negligence and errors and/or omissions including rectification and mitigation coverage. If any claims are paid against its professional services liability insurance policy, the CMR agrees to purchase additional insurance in order to maintain the minimum coverage of Three One Million Dollars ($3,000,000.001,000,000.00). The insurance shall remain in effect during the entire duration of this contract and for Six (6) years after Substantial Completion of the project. For policies written on a “Claims Made” basis, the CMR agrees to maintain a retroactive date prior to or equal to the effective date of the Agreement. The CMR’s policy shall provide that it shall defend, indemnify and save harmless the State and its officers, agents and employees from claims, suits, actions, damages and costs of every name and description resulting from negligence and errors and/or omissions in the Work performed by the CMR under the terms of this contract.