Errors And Omissions Liability Insurance
Definition of "Errors and omissions liability insurance"
Policies generally available to the various professions that require protection for negligent acts and/or omissions resulting in bodily injury, personal injury, and/or property damage liability to a client. For example, insurance agents are constantly exposed to the claim that inadequate or improper coverage was recommended, resulting in the client suffering a loss of indemnification. If sustained, the agent (or the carrier) would have to make good the claim of the client without the adequate insurance coverage.
Popular Insurance Terms
Rule that provides four requirements for monitoring the independent agent distribution system: The insurance company must be involved in the training of the independent agent. The ...
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Approach that reflects losses expected. It is a calculation of the pure cost of property or liability insurance protection without loadings for the insurance company's expenses, premium ...
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Expenses and damages incurred as the result of damage to a ship and its cargo and/or of taking direct action to prevent initial or further damage to the ship and its cargo. These expenses ...
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