While not always legally required, E&O insurance is often a contractual obligation. Many clients or regulatory bodies may require businesses to carry E&O insurance as a condition of their contract or license.
While not always legally required, E&O insurance is often a contractual obligation. Many clients or regulatory bodies may require businesses to carry E&O insurance as a condition of their contract or license.
Fraud is a crime
If your application contains purposefully misleading, absent, or inaccurate information, you could be charged with fraud. Your insurance carrier could potentially void your policy, or you could face civil or criminal charges or penalties.
Any person who knowingly and with intent to defraud any insurance company or other person, files an application for insurance or statement of claim containing any materially false information or conceals, for the purpose of misleading, information concerning any fact material thereto, commits a fraudulent act, which is a crime.
