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 ?
Another major issue that has come to the fore in the errors and omissions realm in just the past few years is parent-company pressure to consolidate the errors and omissions policy purchases among a number of its subsidiaries, often ones that are almost exactly alike in nature, but which traditionally had worked with separate brokers.
The system's ability to provide easy access to essential data, the broker said, should cut down on errors and omissions liabilities.
In addition, one of the key coverages offered by carriers that insure technology risk is errors and omissions.
Realtors and accounting professionals now have errors and omissions coverage available through the CPA Advantage and the Real Estate E & O programs.
have been writing these information technology errors and omissions policies--also known as information technology malpractice professional liability policies--for decades, the clamor is increasing for this insurance because it fills gaps in liability coverage.
Zurich North America Surety is offering new errors and omissions coverage to serve notaries public.