errors and omissions insurance

An agreement to indemnify for loss sustained because of a mistake or oversight by the insured — though not for loss due to the insured’s intentional wrongdoing.

• For example, lawyers often carry this insurance as part of their malpractice coverage to protect them in suits for damages resulting from inadvertent mistakes (such as missing a procedural deadline). While this insurance does not cover the insured’s intentional wrongdoing, it may cover an employee’s intentional, but unauthorized, wrongdoing. — Often shortened to E & O insurance. [Cases: Insurance 2383.]

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词条贡献者

双语律师Julie，国际知名法学院法律专业，擅长翻译各类与证券监管、合规与执法相关的法律文件。