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 ?
Tenders are invited for Desires to appoint an insurance risk manager/broker of record responsible for the negotiation and placement of various insurance products required by the borough including, but not limited to, general liability insurance, general property insurance, errors and omissions insurance, fleet motor vehicle insurance and others.
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.