Errors & Omissions Insurance Policies
Errors & Omissions (E & O) insurance policies, sometimes known as Professional Liability, provide(s) coverage primarily for claims for economic damages resulting from acts, errors or omissions in the provision of professional services to the general public. E & O policyholders represent a wide range of businesses, providing many different types of professional services.
E & O policies generally impose a duty on the insurer to defend a policyholder and pay defence costs for claims resulting from negligent acts, errors or omissions. This feature is critical to protecting your business from financially crippling litigation costs and can mean the difference between the survival or bankruptcy of your business. Equally important, it protects the business professionals’ clients by ensuring there will be adequate funds to pay for damages incurred if the professionals’ services are in fact deemed to be faulty.
If you provide professional or consulting services that involve getting paid for advice, you should consider purchasing E & O insurance. Business professionals who might need E & O insurance include IT specialists, consultants, architects, engineers, accountants, project managers, roofing, building science consultants etc.
Q: Is there Errors & Omissions for Construction projects?
A: Absolutely! It is called Project Specific Professional Liability.
A critical issue to be addressed at the beginning of any construction project is the professional liability arising out of project design and construction management services. There are many different types of losses which could arise from the provision of project professional services. Examples would include cost overruns, delayed opening, bodily injury, health hazards, and environmental losses. Design firms do carry professional liability insurance, but it can have significant limitations which impact the coverage limits available for a specific project. We would be pleased to discuss this with you.
A project specific professional liability policy provides a single source of recovery for professional liability losses related to your project. The policy can be structured to cover the individual design firms, the general contractor, subcontractors and the construction manager, depending on the scope of services. Coverage is non-cancellable and starts at the beginning of design and remains in place until 2, 5 or even 10 years after the project is completed.
Our many years of experience in the construction industry have made Fenn & Fenn Insurance Practice Inc. a specialist in Errors & Omissions Insurance. You can count on us to provide you with the coverage you need to protect your business.
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