Miscellaneous Errors & Omissions (E&O) and Insurance Agents E&O
Miscellaneous professional liability, sometimes called errors and omissions (E&O) liability results from errors or omissions that are committed during the course in the performance of professional services. Individuals, as well as Companies that perform professional services for others can make mistakes, overlook a critical piece of information, misstate a fact, be misunderstood, forget to do something, lose something, and be sued by their clients over allegations such as:
- Error, omission, or negligence in providing a service.
- Failure to provide a service.
- Improper documentation
- And other allegations.
Insurance Agents E&O
The Stateside Underwriting Agency insurance agents E&O program is geared toward insurance agents writing a blended book including personal lines, commercial lines and life & health coverage. Coverage for the SUA insurance agents E&O program includes the following:
- Independent contractors
- An insolvency carve-back for carriers with a B++ or higher rating.
- Regulatory Action Expense Coverage, with no application of deductible up to $25,000.
- Worldwide coverage if suit is brought in the United States or Canada.
- Minimum premium $1500 (except CA)
- Minimum deductible: $2500
- Limits of $1MM/$1MM, $2MM/$2MM, or $1MM/$3MM
- Defense outside the limits.
- First dollar Defense
Excluded states are Hawaii and Alaska.
In most cases we can quote and bind off any main form, new business application.
Featuring: Independent Medical Examiners – IME
|Errors and omissions for Expert Medical Witness (Excluding Medical Examinations)
Errors and omissions for Medical Management Consultant
Errors and omissions for Medical Case Manager
Errors and omissions for Medical Records Administrator
Here’s an example of a Miscellaneous Professional Liability claim:
A consulting firm was hired by a credit-card company to send pre-approved credit card applications to two groups. One group had an excellent credit history and was to be offered low interest, high-limit credit. The other group had a poor credit history and was to be offered high interest, low-limit credit. The firm sent the “excellent credit” applications to the group with a poor credit history and the response to the mailing was immense. The credit card company sued the firm for negligence over the error. The firm incurred defense and settlement costs of more than $500,000.