Errors and Omissions Insurance

  1. Insurance covering the legal liability of professionals not usually involved with the care of the human body such as architects, engineers, accountants.
  2. A type of insurance which will step in to take the place of insurance that has not been effected due to a mistake or forgetfulness on the part of the policyholder. Issued to risks such as mortgage concerns, professionals, semi-professionals or others engaged in the routine insurance of many properties.
  3. A clause in certain policies whereby the insurer agrees to waive its defences when an honest error has been committed, provided it is corrected when discovered.

See also Malpractice Insurance and Professional Liability Insurance.