At the time of the bankruptcy, MF Global had a "directors and officers" liability policy for $225 million and an "errors and omissions" liability policy for $150 million.
The Global Professional unit includes directors and officer's liability, errors and omissions liability and employment practices liability coverage's.
Its products include include directors and officers liability insurance, errors and omissions liability insurance, employment practices liability insurance, fiduciary liability insurance and commercial and financial fidelity insurance.
Known as malpractice, or errors-and-omissions, insurance, professional liability contracts are distinguished from general business liability policies because of the specialized nature of the liability.
Once your attorney has created a template for your standard SOW, has helped you work through your errors and omissions and liability insurance issues and has provided guidance with billing practices and payment timelines, you will start to see the value of this relationship.
His new company, which went public in May, specializes in insurance for some decidedly high-profile risks: medical malpractice, directors-and-officers liability, errors-and-omissions policies for negligence claims against lawyers, managed-care organizations and police departments.
Insurance Expense: Liability (Errors and Omissions) Insurance has been purchased and the cost is $100 per month.
Businesses that have significant professional liability, such as dentists and physicians, should be covered by errors and omissions insurance, commonly known as professional liability or malpractice insurance, Sander says.
Also called liability insurance, errors and omissions protects the appraiser in case an error is made on your appraisal so that you can be compensated appropriately.
The board may insist that the architect or design firm have professional liability coverage — also known as errors and omissions coverage — to protect the co-op if the work does not conform to expectations or the design is defective.
When you contact an inspector, ask him (home inspectors are almost invariably males) what, if any, professional organizations he belongs to, whether he inspects full time or part time, how many inspections he has done and whether he has insurance -- liability insurance, as well as insurance to cover errors and omissions.
