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. 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.
Ocean City (OC or OCMD), officially the Town of Ocean City, is an Atlantic resort town in Worcester County, Maryland. Ocean City is widely known in the Mid-Atlantic region of the United States and is a frequent destination for vacationers in that area. The population was 7,102 at the 2010 U.S. Census, although during summer weekends the city hosts between 320,000 and 345,000 vacationers, and up to 8 million visitors annually. During the summer, Ocean City becomes the second most populated municipality in Maryland, after Baltimore. It is part of the Salisbury metropolitan area.
The land upon which the city was built, as well as much of the surrounding area, was obtained by Englishman Thomas Fenwick from the Native Americans. In 1869, businessman Isaac Coffin built the first beach-front cottage to receive paying guests. During those days, people arrived by stage coach and ferry. They came to fish off the shore, to enjoy the natural beauty of the Atlantic Ocean pounding against the long strip of sandy beach, to collect seashells, or just to sit back and watch the rolling surf.