Common use of Covered Persons and Entities Clause in Contracts

Covered Persons and Entities. 1. Named Insured as stated in the Declarations and its Subsidiaries; 2. Any present or former principal, partner, officer, director, or employee of the Named Insured or its Subsidiaries, but only as respects Professional Services rendered on behalf of the Named Insured; 3. Heirs, executors, administrators, and in the event of an Insured’s death, incapacity or bankruptcy, legal representatives of any Insured, but only with respect to Professional Services rendered prior to such Insured’s death, incapacity or bankruptcy. 4. Independent contractors of the Named Insured, but only as respects For the purposes of this section, “subsidiaries” is defined as: for-profit entities of which the Named Insured has Management Control. If during the Policy Period, the Named Insured acquires or creates a for-profit entity of which the Named Insured has Management Control, such entity shall be considered an Insured under this Policy from the date of the acquisition or creation, but only for acts, errors, or omissions committed after the date of acquisition or creation. If the assets or revenues of the new for-profit entity is greater than 10% of the assets or revenues, respectively, of the Named Insured prior to the acquisition or creation of the new for-profit entity, coverage beyond 90 days of the date of said acquisition or creation will only apply if the following is completed within the 90-day period: a) Written notice of such acquisition or creation is provided to the Company; b) the Named Insured provides the Company with information that it may require; c) the Insured accepts any special terms, conditions, exclusions, or additional premium charges as may be required by the Company; and d) the Insurers, at their sole discretion, agree to provide such coverage.