Frequently Asked Questions
Please reach us at andrew.giambarba@ioausa.com if you cannot find an answer to your question.
A: The short answer is "Because when people feel like they've been wronged, or haven't gotten enough money, they like to sue." The longer answer is: "Errors & Omissions insurance responds when someone claims you have been negligent in the performance of your professional services. In the claims process this can be for everything from missing items in a contents report to failing to file a Proof of Loss in time." And many, many other reasons.
A: No, as a matter of fact, your GL policy has a specific exclusion for any claims related to your Professional Services.
A: There is no standard E&O policy form, so each carrier writes them differently, with different endorsements, exclusions, pricing, etc.
More Questions
A: That can vary from firm to firm, but the standard limits would be $1M per claim and $1M aggregate.
A: Nope. We have an Alliance with Chubb and we love the policy form we created together, but sometimes Chubb isn't the best fit. At the end of the day, what matters most is making sure we can find our clients the best coverage for their needs at the best price.
At IOA we can help you and your business with all of your insurance needs. From Alternative Risk Financing to Captive Management to Wrap and CIPS - there's a professional to help you.
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