ERRORS AND OMISSIONS COVERAGE / E&O INSURANCE
A professional liability policy covering the policyholder for negligent acts and omissions that may harm his or her clients.

I see many Errors and Omissions claims filed because an agent has acted as:

a lawyer, by giving legal advice
a surveyor, by establishing lot boundary lines
an appraiser, by guaranteeing the positive resale price of a piece of property
a CPA, by giving sophisticated tax advice
For example, can a realtor be certain that a buyer has "grandfather" rights to remodel or rebuild in spite of current zoning laws?

Appraisers are paid to establish values, square footage and other related facts about property. An agent cannot establish the amount of square feet in a home with accuracy. Many Error and Omissions claims arise when a buyer discovers his or her newly purchased home is several hundred square feet short of the number presented by your agent

All of the above examples could be classified as errors. So, what is an omission?

Usually, an omission is a duty an agent has to explain something to a buyer or seller. For example, if no lender is involved in a sale because of owner financing, do you always advise the buyer that there is a Standard Title Policy and an Extended Title Policy in title insurance? A buyer may purchase an Extended Title Policy, at his own cost, that covers latent defects in the title, marketability of title, right of access to street, adverse possessors, encroachments, unrecorded easements and unrecorded mechanics liens. As a professional, do you have a duty to inform the buyer of title options? If a lawsuit is filed, a court may answer the question.

In today's litigious climate, you do not have to be wrong to be sued. A good Errors and Omissions liability policy can help limit your out-of-pocket expenses in the event you are named in a lawsuit. This is an important benefit because 100 percent of defense and claim expense costs are covered from the first dollar incurred. We hire an attorney to defend you. Your deductible does not apply.

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