Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
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Errors and Omissions Insurance

Synonyms:e&o insurance, professional indemnity insurance, professional liability insurance
Filed Under: financial-banking, insurance
Tags: banking, insurance

Definition of errors and omissions insurance

errors and omissions insurance
1. A form of professional liability insurance that protects professionals, most commonly consultants, agents and brokers, from liability resulting from errors and/or omissions made during the course of their work. Also known as "professional indemnity insurance (PII)" or "Malpractice Insurance."

Related Terms and Acronyms:

  • causation   A method of connecting an entity's conduct with an effect, which in some cases can prove legal liability.
  • defendant   The accused party in a lawsuit or criminal trial.
  • malpractice   Negligent acts done by a professional that causes injury to a plaintiff.
  • malpractice insurance   Insurance that covers professionals from liability due to their own negligence or intentional harm.
  • plaintiff   The party who initiates a lawsuit.
  • professional liability insurance (PLI)   Insurance that covers professionals for liabilities occurring due to negligence or harm in a product or service they provide.
  • settlement   An agreement between the parties of a legal case.
  • tort   An act that causes harm or loss.
  • tort law   Civil law or the laws that govern civil lawsuits.
  • tortfeasor   A party who commits a tort (a civil wrong).

More Related Terms and Acronyms

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