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.
Market experts said the share of net errors and omissions in the balance of payments data has stirred debates over the origins of this money in recent years.
Outside of the top banks--Bank of America, JPMorgan Chase, Citibank and Wells Fargo, the next tier, however, often does have errors and omissions coverage, and B-side and C-side insurance coverage for directors and officers, he said.
This article examines CPAs' and other preparers' ethical duties with respect to errors and omissions. It also explores return preparers' potential malpractice damages exposure and possible legal defenses.
The best defense to protect against malpractice claims is to implement proper risk management practices, stay abreast of legal developments, and purchase errors and omissions coverage.
She said she believed her mother's two falls at the hospital were the result of "errors and omissions" and went on: "I believe this caused her deterioration and death".
MIMS International's professional liability errors and omissions coverage is profession specific and can create a nondues revenue source.
He believed that Caux could also make a valuable contribution to the process of working through history in Switzerland and Europe: `We cannot look ahead without analyzing the errors and omissions of the past.'
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.
David Dooley shows that in the United States renewal and revision are about to move forward now that errors and omissions have been identified.
This legal trend toward greater accountability of professional conduct and the ongoing consolidation of several industries, including financial services, make it incumbent upon risk managers to understand the issues concerning insurance coverage under professional liability or errors and omissions (E&O) policies.
The statistical discrepancy recorded for the international transactions account is the net errors and omissions in all the components.