Insurance Coverage

Software Escrow Arrangement

Insurance Coverage 

multi-beneficiary software escrow arrangement

During the term of an Escrow Agreement, National Software Escrow, Inc. shall maintain the following insurance in effect with respect to its business and operations: (a) commercial general liability insurance and (b) professional errors and omissions liability insurance.

General Business Liability Insurance

The commercial general liability insurance policy shall provide for the usual coverage for such a policy, including but not limited to contractual liability, premises liability, and broad form property damage liability coverage, and shall have a minimum limit of liability of $1,000,000 per occurrence and general aggregate limit of not less than $2,000,000.

Professional Errors & Omissions

The professional errors and omissions liability insurance policy shall provide for the usual coverage for such a policy, including but not limited to coverage for errors and omissions by National Software Escrow, Inc. in rendering its services under this Agreement, and shall have a minimum limit of liability of $1,000,000 per claim and general aggregate limit of not less than $1,000,000.

Fire Legal Liability Insurance

National Software Escrow, Inc. maintains fire legal liability insurance and shall have a minimum limit of liability of $200,000 per occurrence.

Forgery and Alteration Insurance

National Software Escrow, Inc. maintains Forgery and Alteration coverage and shall have a minimum limit of liability of $2500 per occurrence

Valuable Papers and Records Insurance

National Software Escrow, Inc. maintains Valuable Papers and Records insurance and shall have a minimum limit of liability of $10,000 per occurrence

All policies are written by reputable insurance companies having an AM Best rating of A- or higher and a financial size of Class V or bigger.

 

 

 

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