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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Unfortunately, some small firms don't realize they need professional liability insurance until it's too late.
The expense for the cleanup and reconstruction could be a claim on the architect's professional liability insurance.
Professional liability insurance is available for a wide array of professional categories.
Healthcare Provider Service Organization (HPSO) currently protects over 70 different professions nationwide with a professional liability insurance policy.
Professional liability insurance protects against the costs of being hit by a lawsuit.
Certainly, "chaos" is one word that comes to mind when long-term care professionals get together to discuss professional liability insurance. "Confusion" is another, and so is "crisis."
This melange of costly ingredients has professional liability insurance rates at a boiling point for physicians and all of health care.
Finally, professional liability insurance policies may not cover "intentional acts." Even though your client may have acknowledged your obligations to the IRS under this program, you should still ask your professional liability insurance carrier what effect entering into an agreement with the IRS would have on your coverage, if any.
NRA members may purchase life and professional liability insurance at low-cost group rates.
These two volumes, which contain over 800 pages of text and over 1,000 pages of tables and sample forms, present an exhaustive examination of professional liability insurance. The breadth and depth of the coverage is impressive.
Often included in these practice management programs is information regarding professional liability insurance. The type of insurance, if any, that is provided to residents as participants of their residency programs or as moonlighting physicians, and the implications thereof, are essential information for residents to acquire.
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