Liability insurance policy that provides protection against loss incurred by a client because of some negligent act, error, or omission by the insured.
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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, law firms are often exposed to the claim that inadequate or improper legal advice was provided resulting in a claim by the client that they suffered a loss. (02) A form of insurance which covers losses resulting from financial institutions failing to effect appropriate insurance coverage.
Insurance Encyclopedia
Errors and omissions insurance (Liability)
Insurance that covers the insured against losses incurred due to a mistake on the insured’s part. This type of insurance is usually purchased by financial advisors or insurance agents. This can also be a type of insurance that covers a financial institution against failure to obtain adequate insurance coverage.