E & O insurance is often part of a professional liability insurance policy. It is purchased by those professionals who offer services or who handle money or property for others. This insurance covers damages caused by mistakes (errors) made by the professional or damages caused by something the professional failed to do (omissions).
(Assurance de la responsabilité professionnelle) Professional, semi-professional and serviced type of work may place an obligation on the part of the individual to see that the task is properly performed. Any error or omission in the performance of a particular duty may make the individual responsible in damages. Errors and omissions insurance is designed to protect the individual in such a situation.
(1) A form of insurance that indemnifies the insured for any loss sustained because of an error or oversight on his part. For instance, an insurance agency purchases this type of coverage to protect itself against losses from such things as failing to issue a policy. (2) A form of insurance which covers losses resulting from financial institutions failing to effect insurance coverage.
Policies generally available to the various professions, for example, lawyers, insurance brokers, accountants, that require protection for negligent acts or failure to do something resulting in injury or damage to a client. For example, an insurance broker is constantly open to the claim that inadequate or improper covers were recommended, resulting in a client suffering a loss.
Protects you against liability for committing an error or omission in the performance of professional duties. E&O policies are designed to cover financial losses rather than liability for bodily injury or property damage. For example, E&O coverage would protect an architect who is sued because he made a mistake in his drawings for a new building or an accountant who failed to tell a client to submit quarterly estimated tax payments. E&O policies are written on the Claims-Made and Reported coverage form.
A type of professional liability insurance which indemnifies insured professionals - who include, but are not limited to, lawyers, insurance agents and brokers, accountants, real estate agents, appraisers, abstracters, title insurance agents, architects and engineers, advertising agents, adjusters, directors and trustees, fiduciaries, travel agents and data processing firms - for losses sustained because of their errors or oversights.
A Professional Liability policy providing coverage for negligent acts or omissions in the policyholder's professional capacity that harm a client. Examples: insurance agents, attorneys, architects, engineers, and healthcare providers.
Insurance carried by design professionals covering malpractice, including making mistakes in building area measurement and area calculations. Often referred to as E&O insurance, professional liability or malpractice insurance.
Liability insurance policy that protects against a loss incurred by a policyholder because of some negligent act, error or omission by the insured person or entity. In most cases, the policyholder is a professional person, such as a lawyer or accountant or architect, or is a consultant, such as an engineer or management consultant.
A type of malpractice insurance coverage for real estate professionals (such as real estate agents, home inspectors, appraisers, etc.). The coverage protects them against financial losses from lawsuits filed as a result of their work in the real estate profession.
Malpractice insurance that protects architects, home inspectors, and contractors from claims by clients for professional errors or faults resulting from defective judgment, deficient knowledge, or carelessness.
A policy that guarantees coverage for an insured in the event of unintentional mistakes. Errors and Omissions Insurance, commonly referred to as E&O, covers damages arising out of the insured's negligence, mistakes, or failure to take appropriate action in the performance of business or professional duties.