Errors and Omissions Insurance
Errors and omissions (E&O) insurance, which may exclude negligent acts other than errors and omissions (“mistakes”), is most often used by consultants and brokers and agents of various sorts, including notaries public, real estate brokers, insurance agents themselves, appraisers, management consultants and information technology service providers (there are specific E&O policies for software developers, website developers, etc.), architects, landscape architects, engineers, attorneys, third-party business administrators, quality control specialists, nondestructive testing analysts, and many others. A mistake which causes financial harm to another can occur in almost any transaction in many professions.
Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance that helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit. The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. These are potential causes for legal action that would not be covered by a more general liability insurance policy which addresses more direct forms of harm. Professional liability coverage sometimes also provides for the defense costs, including when legal action turns out to be groundless. Coverage does not include criminal prosecution, nor a wide range of potential liabilities under civil law that are not enumerated in the policy, but which may be subject to other forms of insurance. Professional liability insurance is required by law in some areas for certain kinds of professional practice (especially medical and legal), and is also sometimes required under contract by other businesses that are the beneficiaries of the advice or service.
Professional liability insurance may take on different forms and names depending on the profession. For example, in reference to medical professions it is called malpractice insurance, while errors and omissions (E&O) insurance is used by insurance agents, consultants, brokers and lawyers.[1] Other professions that commonly purchase professional liability insurance include accounting and financial services, construction and maintenance (general contractors, plumbers, etc., many of whom are also surety bonded), and transport. Some charities and other nonprofits/NGOs are also professional-liability insured.
Shillington
Shillington is a borough in Berks County, Pennsylvania, United States with a population of 5,273 at the 2010 census[1] nestled amongst other suburbs outside Reading. It is perhaps best known for being the location of the Homestead to Pennsylvania’s First Governor, Thomas Mifflin.[2]
Shillington began in 1860 as part of Cumru Township, when local landowner and borough namesake Samuel Shilling sold some of his lots for residences. The area had an inn, originally built in 1762, called the Three Mile House because it was 3 miles (5 km) from Reading on the Lancaster Pike. The inn was a popular stop for farmers going to the city’s markets, and later it sat near a horse racing track built by Aaron Einstein in 1868. A post office opened in Shillington in 1884. On August 18, 1908, the Quarter Session Court officially incorporated the borough of Shillington as a separate municipality from Cumru Township with a population of 450.[3]Later that year Shillington elected its first official, Adam Rollman, as chief burgess. Borough council meetings were held in various locations over the years until the present town hall was completed in 1932.[3]