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).
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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