ProFin(SM), the Professional & Financial Risks Practice of Royal & SunAlliance, has introduced a new Miscellaneous Errors and Omissions policy for service professionals.
The E&O product, which complements ProFin’s current Management Assurance(R) program, protects against lawsuits brought by third parties alleging errors and omissions in miscellaneous services rendered. The E&O policy can be used individually or as part of a full Management Assurance portfolio.
New to ProFin in the U.S., the E&O product has been an integral part of Royal & SunAlliance’s offerings in the United Kingdom, Canada, Australia, Scandinavia and Europe for many years. Jim Nestheide, ProFin Practice Leader for the Americas, noted that the U.S. product was developed in recognition of the company’s clients’ need for this coverage, adding it was designed to compete with carriers that offer both E&O and management assurance products.
Traditionally, medical, legal, and financial professionals purchased E&O coverage to protect against malpractice claims. Today’s business practices have created a similar need for service professionals as professional liability claims can range from neglect or breach of duty to misstatement or misrepresentation.
E&O coverage, which is targeted at miscellaneous classes of business, includes: Personal injury coverage for false arrest, false imprisonment, wrongful eviction or entry, wrongful detention, malicious prosecution, libel, slander, defamation or invasion of privacy; Disciplinary proceedings coverage; and Broad definition of insureds — the company, its employees, trustees, directors, officers, partners and managers.
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