Professional Liability Errors & Omissions

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Who typically purchase E&O coverage?

-Accountants -Architects -Attorneys -Stockbrokers -Engineers -Barbers and beauticians -real estate agents -insurance agents -medical community

What does E&O not cover?

-Fines -Frauds -Intentional Acts

When will the E&O Policy Pay a Claim?

1. The wrongful act occurred after the retroactive date 2. The claim is filed before the end of the Extended reporting period.

What is a claims made basis?

The filing of a claim triggers the current insurers liability. E&O policies are almost always written as this.

Why are only these professional groups covered by E&O?

They have a greater exposure for liability lawsuits, which leads to the need for coverage beyond CGL.

A maxi-tail is what?

This extends the claim reporting period to forever.

What is a mini-tail ERP?

This extends the time to file a claim 60 days after the policy expires.

What is the Extended Reporting Period?

This extends the time to file claims but does not cover acts occurring after the policy expires.

What is a consent to settle provision?

This requires the insurer to get the insured's permission to settle a case out of court.


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