What is the Definition of Errors And Omissions Coverage?

What is the Definition of Errors And Omissions Coverage?

A professional liability policy covering the policyholder for negligent acts and omissions that may harm his or her clients.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Errors And Omissions Coverage?

What is the Definition of Errors And Omissions Coverage?

You can find random definition and meaning of insurance terms below:


Meaning of Surety Bond in Insurance Terms

A contract guaranteeing the performance of a specific obligation. Simply put, it is a three-party agreement under which one party, the surety company, answers to a second party, the owner, creditor or “obligee,” for a third party’s debts, default or nonperformance. Contractors are often required to purchase surety bonds if they are working on public projects. The surety company becomes responsible for carrying out the work or paying for the loss up to the bond “penalty” if the contractor fails to perform.


Meaning of Supplemental Coverage in Insurance Terms

An amount of coverage that adds to the amount of coverage specified in a basic insurance policy.


Meaning of Surplus Lines in Insurance Terms

Property/casualty insurance coverage that isn’t available from insurers licensed in the state, called admitted companies, and must be purchased from a nonadmitted carrier. Examples include risks of an unusual nature that require greater flexibility in policy terms and conditions than exist in standard forms or where the highest rates allowed by state regulators are considered inadequate by admitted companies. Laws governing surplus lines vary by state.


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