errors and omissions insurance

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Errors and Omissions Insurance

An insurance policy providing coverage for a professional in the event he/she does not perform his/her duties well and it results in harm to a client. That is, errors and omissions insurance covers negligence. It is offered to attorneys, physicians, architects, etc. It is known by its abbreviation, E&O.

errors and omissions (E&O) insurance

Insurance that protects against malpractice. Especially when working with a buyer's broker, who has a high degree of responsibility to anticipate problems and warn the client, one should ask for proof of E&O insurance before hiring a real estate professional.

References in periodicals archive ?
and the entertainment practice leader for Chubb worldwide, new financial structurings in the entertainment and media business are being brought to bear on all areas of insurance, including errors and omissions.
What we have seen historically, there aren't more errors and omissions," Sally said.
An important part of risk management involves purchasing Real Estate Errors and Omissions insurance from a financially strong insurance company to protect you and your business.
MediKey provides coverage on behalf of the insured to settle or appeal an audit, as well as for civil penalties and fines, including defense, litigation, auditing and consulting costs arising from allegations of billing errors and omissions (subject to policy limits, terms, conditions, and exclusions); protection in the event of unforeseen, unwarranted, and unanticipated increases in Medicare/Medicaid payment denials (subject to policy limits, terms, conditions, and exclusions); extended levels of indemnification, with coverage limits of up to $5 million; and cash flow continuity, ensuring uninterrupted operation and patient service during dispute resolution.
The proposed bill would exact penalties of 50 percent of the amount of the corporate tax understatement from corporate employees for simple errors and omissions shown on their employers' income and excise tax returns.
The Born of the Spirit program has numerous errors and omissions and a defective methodology.
Tenders are invited for Commerce and Insurance - Errors and Omissions Insurance Coverage for Licensees of The Tennessee Real Estate Commission
For instance, outsourcing jobs can lead to an employment practices liability lawsuit alleging discrimination and/or wrongful termination, and an expansion of products or services can increase a company's risk of an errors and omissions lawsuit.
Currently, practitioners must inform clients promptly of any noncompliance, including errors and omissions.
He may have errors and omissions insurance for his work as an architect, but chances are he does not have general liability insurance.
Section (20)(10)34(2)(b) lists the errors and omissions that are never considered inconsequential for purposes of the failure to file correct information returns penalty.
Errors and omissions package that amalgamates dealer errors and omissions coverage under a single form