Confused about E&O cover?Event Type: Public Workshops
The scope and practical application of E&O extensions under liability policies continues to confuse, despite being available in the market for some years.
Many believe it offers a cheap and easy form of quasi-professional indemnity cover…but is that really the case?
What value does it actually provide, and where does the coverage begin and end? Why is it typically offered on a claims-made basis, and what should you consider when taking out or granting indemnity under this extension?
This half-day workshop, conducted by our principal facilitator, Megan O’Rourke, will challenge your understanding of the boundaries and utility of this cover, extend your knowledge on how it works, and explain why it sits within other third-party insurance product lines.
Analysis of E&O extension wordings
- Typical and significant features identified.
- Important terms examined.
- Where and why this claims-made extension typically sits within liability policy wordings.
Policy comparisons and parallels
- Analysis of common terms contained in liability, professional indemnity and E&O wordings.
- The meaning of ‘products’, ‘property damage’, and ‘financial loss’ illustrated and applied.
- What are the underpinning common law exposures met by each third party policy?
- Why do I need to know to make sense of E&O?
The devil in the detail: pivotal E&O terms
- Why claims for ‘financial loss’ and ‘property damage’ are treated differently.
- How property damage can extend beyond physical loss.
- What is and is not 'financial loss'?
- The meaning of ‘professional’ and how it ties to E&O.
The value and limitations of E&O cover
- The scope and application of E&O cover demonstrated and explained.
- Case law examples that illustrate the reasons for this cover.
- Would E&O meet an insured’s commercial or contractual obligation to obtain a professional indemnity policy?
- Issues to consider when taking out or granting indemnity under an E&O extension.
WHAT YOU'LL LEARN
By attending this workshop, you will gain greater insights and understanding of:
- How E&O extensions of cover differ from liability and professional indemnity policies.
- Why E&O extensions are contained in liability policies and how they work together.
- What risk exposures E&O extensions are intended to meet and their limitations in cover.
View our terms and conditions here.