Errors and omissions is another phrase for malpractice insurance, which covers professionals in the legal and medical fields for claims of professional errors and negligence.
Insurance for the liability of a professional for losses that occurred because of his or her errors or oversights.
The clause in a reinsurance treaty which stipulates that in the event of inadvertent error or omission, the reinsurer shall not be prejudiced in the fulfillment of the agreement, provided that any error or omission shall be corrected as soon as discovered.
A Professional Liability coverage which protects the insured against liability for committing an error or omission in performance of professional duties. An insurance agent would carry such coverage.
Insurance covering losses caused by errors and omissions of professions other then medicine. Used by banks , real estate companies, escrow companies, Inspection companies.
n. short hand for malpractice insurance which gives physicians, attorneys, architects, accountants and other professionals coverage for claims by patients and clients for alleged professional errors and omissions which amount to negligence.
A provision or policy in an agreement which is intended to eliminate or remove liability as a result of an inadvertent error or omission by either party.
(See PROFESSIONAL LIABILITY)