Errors & Omissions (E&O) Insurance
E&O insurance is a form of professional liability coverage used by professionals (including real estate professionals) to manage claims alleging negligent acts, errors, or omissions in professional services. It is often required by brokerage and management firms as part of risk controls.
- Where it applies
- Generally, not specific to New York
- When it comes up
- Engagement and ongoing operations
- Property types
- Brokerage, property management, transaction advisory
Risk and Liability Terminology
- Closing Protection Letter (CPL)
- Closing Wire Fraud / Business Email Compromise (BEC)
- Deed Fraud
- Directors and Officers (D&O) Insurance
- Force Majeure
- Indemnification
- Limitation of Liability
- Liquidated Damages
- Notice of Recorded Document (NRD) Monitoring
- Recording Gap Risk
General information, not legal, tax or financial advice.