Regulatory
Errors and Omissions
A category of professional liability insurance that covers claims arising from negligent acts, errors, or omissions in the performance of professional services. In the legal profession, errors and omissions coverage is synonymous with legal malpractice insurance and protects attorneys against claims alleging that their professional negligence caused financial harm to a client. Common covered errors include missed deadlines, failure to file documents, inadequate research, and drafting mistakes in contracts or pleadings.
Related terms
Claims-Made PolicyA type of insurance policy that provides coverage only when a claim is first reported to the insurer...Duty to DefendThe insurer's obligation to provide and fund a legal defense when a covered claim is made against th...Professional Services DefinitionThe policy language that specifies which activities constitute covered professional services under a...Duty to DefendThe insurance carrier's contractual obligation to provide and pay for a legal defense when a covered...