[E041]

errors and omissions insurance
1) A form of professional liability insurance which provides coverage for mistakes made by a person or persons in a profession not involved with the human body, such as lawyers, architects, engineers, or for mistakes made in a service business, such as insurance, real estate, and others.

(See nonrecording chattel mortgage policy.)

2) A form of coverage for financial institutions protecting against loss to lending institutions which fail to effect insurance coverage.

(See malpractice and medical malpractice.)