What is the minimum amount of professional liability insurance Engel & Volkers franchisees must maintain per occurrence or accident?

ing payments provisions. Franchisee and each of its owners agree that this liquidated damages provision does not give Franchisor an adequate remedy at law for any default under, or for the enforcement of, any provision of this Agreement other than the ongoing payments provisions. In addition, the parties agree that nothing herein shall affect a party's ability to seek an injunction or other extraordinary or equitable relief, or possession or disposition of, or other relief relating to, the franchised Residential Real Estate Brokerage hereunder, as otherwise provided in this Agreement.

18. Insurance Coverage

• 18.1 To safeguard its Residential Real Estate Brokerage and to protect itself and the entire ENGEL & VÖLKERS System against loss, Franchisee will purchase, and at all times during the Term maintain in full force and effect, at Franchisee's expense, customary insurance coverage (e.g., fire, burglary, theft, damage from piped water, storm, financial liability, business interruption arising from any one of the foregoing causes, employee honesty and liability, professional liability/errors and omissions, cyber liability/data breach and general commercial liability insurance) and such other forms of insurance as required by law or by Franchisor, in such minimum amounts as required by law or Franchisor from time to time, but not less than US $2 million for professional liability insurance per each occurrence or accident and not less than US $2 million per each occurrence or accident for any other insurance, and with such approved insurance companies as shall be required by Franchisor prior to commencing business operations and maintain this coverage until the expiration or termination of this Agreement. Franchisee agrees that Franchisor may periodically add to, modify or delete the types and amounts of insurance coverage which Franchisee is required to maintain under this Agreement, and all features and elements thereof, by written notice to Franchisee (through a supplement to the System Documentation or otherwise). Upon delivery of such written notice, Franchisee agrees to immediately purchase insurance conforming to any such newly established standards and limits.
• 18.2 Franchisor shall be named as an additional insured on all such policy or policies described in Section 18.1 above. Franchisee must provide proof of the foregoing insurance coverage within thirty (30) days of the Effective Date and continue to prove its maintenance to Franchisor by furnishing to Franchisor annually upon Franchisor's request, the then current certificates of insurance coverage.

Source: Item 22 — CONTRACTS (FDD page 88)