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 ?
Agents and brokers' errors and omissions insurance is a $500 million market with few big players.
John Torvi, Director of Marketing and Sales says, "We have been swamped with requests from Independent Agents across the country regarding our Real Estate Express Program errors and omissions insurance plan.
He may have errors and omissions insurance for his work as an architect, but chances are he does not have general liability insurance.
Only 31% of the companies surveyed have errors and omissions insurance that covers computer software and services, and 42% have product liability insurance that covers the problem.
Insurance rates and access to insurance carriers for errors and omissions insurance are directly affected by the number of claims, size of awards, and settlements paid out in California," said C.
As set forth further below, such a claim would be covered by most errors and omissions insurance policies.