96 Accord OBD Code P0401- Covered by Extended Emissions Warranty?

I own a 1996 Accord EX with 4 cylinder VTEC engine with 137K miles on it. I mostly drive this car in city and when I drive it faster than 55 mph, the check engine light turns on (but not always).
OBD code reads as P0401 - EGR valve insufficient flow
Whenever it turns on, I clear the code and it does not appear again unless I take a freeway. I haven't found any unusual symptoms with the light on. Since I drive only about 200 miles per month and do not want to spend hundreds of dollars repairing it, I just clear the code whenever it comes on and it happens about 2-3 times per month.
Recently, I discovered that there is an extended emissions warranty which applies to 1996 Accord (and some other models).
http://www.epa.gov/compliance/resources/cases/civil/caa/amerhonda.html
So my questions are
1) Is this problem covered by this extended emissions warranty?
2) If it is not, would it damage the engine if I keep clearing the code and do not fix this problem?
For question #1, I just called the dealer and was told that they can say for sure after doing diagnosis on the vehicle. I would like to know because I need to pay the diagnosis charge if it is not covered by the warranty.
Thanks in advance!
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