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 ?
Owners should look for experienced inspection firms with a minimum of three years of lead testing experience, EPA licensure, professional errors and omissions insurance, and a quality control plan.
This new product replaces Chubb's previous one-size-fits-all errors and omissions insurance. INTegrity by Chubb offers three levels of protection--Value, Standard and Premier--to allow companies to purchase the level of insurance they desire.
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.
Broad errors and omissions insurance should be purchased at adequate limits for these types of exposures.