Common use of Errors and Omissions Coverage Clause in Contracts

Errors and Omissions Coverage. As an essential condition of this Agreement, the Producer will at all times during the term of this Agreement maintain, at the Producer’s own cost and expense, errors and omissions insurance coverage for the Producer and the Producer’s principals, agents and employees by an insurer rated B or better by A.M. Best with limits no less than $500,000 per occurrence and $1,000,000 aggregate, or $1,000,000 combined single limit. Upon request by the General Agent, the Producer will deliver evidence of compliance with this Section 19 reasonably satisfactory to the General Agent.