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A company of the group Austral Holding
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Errors and Omissions

About

Errors and Omissions (E&O) protects companies and professionals from any potential settlements owing to third parties for damage caused during the provision of services.

Who can/should purchase this insurance

All companies that provide any type of service and believe that they could cause damage to a third party as a result of their activity.

Advantages

Protection of assets against unexpected errors in the service provision
Defense costs included in covered claims
Complementary timeline allows for protection even after delivery of the service
Additional security for the purchaser’s client

Coverages

E&O insurance was created to cover the costs of defense and any settlements owing by the insured in the event of the determination of legal liability as a result of errors in the service provision that causes damage to third parties, in line with the terms of the policy.

Additional Coverages

In addition to the product’s most basic coverages, over time specific needs started arising on the insurance market. To address these needs, particular clauses, coverage extensions, additional coverages, and endorsements were devised, along with a series of changes to the clauses.

Monetary Damages

This coverage enables the policy to pay settlements owed by the insured as a result of errors in service provision that cause monetary losses to third parties.

Bodily Injury

This coverage enables the policy to pay settlements owed by the insured as a result of errors in service provision that cause bodily injury to third parties.

Pain and Suffering

This coverage enables the policy to pay settlements owed by the insured as a result of errors in service provision that cause pain and suffering to third parties.

Costs of Defense

This coverage enables the policy to pay the insured’s defense costs for claims by third parties as a result of errors in service provision.

Costs of Defense for Police Inquiries and Criminal Suits

This coverage enables the policy to pay the insured’s defense costs for police inquiries and criminal proceedings as a result of errors in service provision.

Disbursement of Retained Fees

This coverage will compensate the insured for retained fees (except profit margin) by clients of the insured, in the event of errors in the provision of services covered under the policy. The coverage will only be valid in the event the third party commits not to subsequently file a claim relative to the event for which the fees were retained against the insured.

Consultants, Contractors, Subcontractors, Third-Party Providers and Agents

This coverage extends the classification of insured to consultants, contractors, subcontractors, third-party providers, and agents of the insured.

New Subsidiary (with up to 30% of the Policyholder’s Total Assets)

This coverage extends the classification of insured to subsidiaries that are created or acquired after the effective date of the policy, as long as these subsidiaries hold up to 30% of the policyholder’s total assets.

Runoff Coverage for Mergers and Acquisitions

This coverage enables the policy to be effective for events occurring before the insured’s mergers and acquisitions.

Liability in Joint Ventures

This coverage extends the classification as an insured to joint ventures of which the insured is part.

Crisis Management/Publicity Expenses

This coverage enables the insured to engage advisors to recover its image after an incident covered under the policy causes harm to its image.

Dishonest Acts by Employees

This coverage enables the policy to pay settlements owed by the insured to third parties as a result of errors in service provision caused by dishonest acts by its employees.

Violation of Intellectual Property Rights

This coverage enables the policy to pay settlements owed by the insured as a result of errors in service provision that cause a violation of third parties’ intellectual property rights.

Loss, Theft and Robbery of Clients’ Documents

This coverage enables the policy to pay settlements owed by the insured as a result of errors in service provision caused by the loss, theft, or robbery of clients’ documents.

Emergency Costs

This coverage enables the policy to pay the insured’s defense costs in the case of claims where the insured did not have enough time to notify the insurer.

Court Appearance

This coverage enables the policy to pay the travel expenses of the insured in cases where the claim is entered outside of his or her habitual jurisdiction.

Defamation

This coverage enables the policy to pay settlements owed by the insured as a result of errors in service provision that cause defamation to third parties.

Articles

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