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Professional Liability Insurance Claims Examples (E&O)
When dealing with professional liability insurance their are many areas of
exposure that a policy can effectively protect you from in the case of a claim.
We are often asked about the various types of claims that can arise for an
organization seeking professional liability coverage. Below you will find
a few scenarios that we have seen in the professional liability claims:
Computer Consultant Liability(E&O) Claim - Application Error
A computer consulting organization based in San Francisco, Ca was hired to
develop a custom platform for a client. The custom application was alleged
to be non-functional upon completion and deemed to have corrupted the existing
system.
Claim - $95,000
Mortgage Broker Claim - Late Rate Lock
An Orange County, CA mortgage broker was retained to obtain a loan and lock at a
certain rate by his clients. The broker failed to act in a timely manner
causing the client to be locked into a substantially higher rate resulting in
increased fees, and a significantly higher payment based on the increased
interest rates.
Claim - $325,000
Technology Company E&O Claim - Data slip
A Colorado based software development company was building a data storage system
for a financial services client that would handle sensitive information.
During the data transfer the client alleged the company mishandled sensitive
information and alleged significant financial losses due to negative publicity.
Claim - $1,800,000
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What is
Errors and
Omissions(E&O), Professional Liability and Malpractice Insurance?
E&O, professional liability and malpractice insurance are
interchangeable terms in the insurance industry. For one reason or another,
these terms seem to be applied to different industries but from the insurance
perspective they are the same. Errors and omissions insurance is typically
used when referring to technology or engineering related industries, malpractice
is most commonly applied to the medical profession and occasionally attorneys
where professional liability insurance is broadly applied to many industries.
Professional Liability Insurance is put into place for any job field that has a
professional designation and or implies special training. This broad
definition fits various professional fields from management to certified
trainers.
Contact a commercial insurance professional today.
All Forms of Professional Liability Insurance
We have access to coverage that encompasses ALL forms of liability insurance -
EPLI - Employment Practices Liability Insurance,
D&O - Directors and Officers,
E&O - Errors and Omissions insurance, and Group Personal Liability. Limits available up to $25,000,000. Worldwide coverage available. Products available in most states.
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We help our clients reduce expenses while maintaining or improving
their over all insurance coverage.
- Average Reduction in Premium 10-20%
- We work for you
- Reduce time managing insurance programs
- Identify Coverage gaps
- Risk analysis
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Why work with Arroyo Insurance Services:
- Arroyo has been in operation since 1986
- Choice - Over 35 A Rated Carriers
- Dedicated account manager
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