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Erroros and Omissions is a type of insurance for professionals (much like malpractice for doctors) such as an insurance agent or accountant. It protects them from unintentional mistakes they may make in the course of their work. For example an insurance agent writes a policy for $30,000 instead of $300,000. The aggregate limit of $300,000 refers to the total amount of coverage available during the policy period. Some policies "reset" policy limits after a claim is resolved but policies with an aggregate limit get chopped away at by each claim and can eventually be drained to $0.
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Earn +20 ptsQ: What is Errors Omissions EO coverage with a minimum aggregate of 300000?
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