Proposer shall have, at inception of the contract or purchase order and shall maintain throughout the term of any policies (renewals, extensions, or replacements) the following insurance policies: o Professional liability insurance with limits of at least $1 million, and o Employee dishonesty insurance with limits of at least $250,000. • Professional liability coverage written on a “claims-made” form must provide for an extended reporting period of 24 months the date of termination of any service agreement. • Proposer must disclose the following: o Amount of any impairment to policy limits as a result of prior claim payment. o Existence of any threatened or ongoing litigation that has potential to adversely affect limits of liability. • Proposer shall provide the College with thirty (30) days’ written notice of erosion of aggregate limit of the professional liability coverage. • Such insurance will be provided by insurers which are authorized or admitted to provide such insurance in the State of Texas and will have an A.M. Best rating of at least “A-X” at the date of award of contract. A Lloyd’s company will be acceptable if it is a 100%-owned subsidiary of a parent with an A.M. Best rating of “A-X” or a guaranty bond with proper power of attorney should be submitted with your proposal. The Proposer will provide the College with evidence of such insurance that is satisfactory to the College...
