Glossary

An errors and omissions clause is a provision, usually in an obligatory reinsurance treaty, stating that an error or omission in reporting a risk that falls within the automatic reinsurance coverage under such treaty shall not invalidate the liability of the reinsurer on such omitted risk.

Errors and omissions (E&O) insurance protects the insured against liability for committing an error or omission in performance of professional duties.

An error or omission in reporting endorsement is a liberalization of the reporting requirements of property policies when written on a property value reporting basis.

An escape provision allows a contracting party to avoid a limitation on the other party's liability by paying an additional fee.

Essential functions is a term contained in the Americans with Disabilities Act (ADA) of 1990 relating to the need for an employer to accommodate a disabled individual who can perform the essential functions of an employment position.

An estate plan is a plan for the systematic liquidation of one's estate.

Estimated premium is a preliminary figure that may be adjusted to reflect the extent of coverage provided under a given contract.

Estoppel is a legal doctrine that precludes a party from contradicting its own previous actions if those actions have been reasonably relied on by another party.

An event is an occurrence that may or may not become a claim.

Event insurance provides package coverage for the sponsor of public or private events, such as concerts, festivals, conferences, trade shows, sporting events, and celebrations, to name a few.