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History of Errors & Omissions Liability
Traditionally, E&O
or Professional Liability Insurance was written for "true professionals"
such as: lawyers, doctors, accountants, architects, and engineers.
More recently, new occupations and revised standards have prompted
the need for E&O coverage. Sovereign General’s Miscellaneous
E&O / Professional Liability wording is targeted for those occupations
with a minor to moderate professional exposure.
What is Professional Liability?
Any person, company or partnership
providing professional services can be described as a "professional".
Occupations considered "professions" have distinct characteristics:
- A
period of technical and practical training is required.
- Practitioners
are expected to be committed to rigorous professional guidelines,
principals and service standards and are typically regulated through
provincial or national guidelines.
Errors & Omissions Liability
(E&O) insurance provides coverage for errors, omissions or
negligent acts arising out of the Insured’s professional
services (subject to policy exclusions) to a third party.
Who is at risk?
Any
person, company or partnership providing professional services to
third parties for a fee.
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