Errors & Omissions – What’s Covered?
Errors & Omissions insurance protects a business professional whose clients could claim damages as a result of his or her faulty performance.
The faulty performance may be because of a negligent act, error or omission on the part of the professional; hence, the name of the insurance.
Errors & Omissions insurance protects the business professional by shielding his or her assets and paying for his or her defense if a client makes a claim. It protects the professional’s client by ensuring that there will be adequate funds to pay for damages incurred if the professional’s services are deemed to be faulty.
Errors & Omission cover is offered to Ship Agents, Ship Brokers, Yacht Brokers, Ship Managers, Marine Surveryors/Consultants, Naval Architects and Hydrographic Surveyors.