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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 ...
Full coverage is not the same as full tort insurance. Full coverage is a combination of liability coverage (which pays for damages to third parties) and collision and comprehensive coverage (which ...
An example of this is a pedestrian crossing a road carelessly and was hit by a driver driving carelessly. Last clear chance – Doctrine under which a plaintiff can recover against comparative and contributory negligence defenses if they can demonstrate that the defendant had the last opportunity to avoid the accident.
Turn to this glossary when you're just not sure if "dual agent" means two real estate agents will be working on your contract or that one agent represents both the buyer and the seller (it's the ...
An employer should also be aware on how the extent of their liability can change based on the agreements their agents make. An agent is a person who has the power to act on behalf of another party (typically the principal). Usually, a principal is liable for a contract made by the agent if the agent had actual or apparent authority to make the ...
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
The new firm, Real Estate Title Insurance Company of Philadelphia, would "insure the purchasers of real estate and mortgages against losses from defective titles, liens and encumbrances," and that "through these facilities, transfer of real estate and real estate securities can be made more speedily and with greater security than heretofore."
A tort is a civil wrong, other than breach of contract, that causes a claimant to suffer loss or harm, resulting in legal liability for the person who commits the tortious act. [1] Tort law can be contrasted with criminal law, which deals with criminal wrongs that are punishable by the state. While criminal law aims to punish individuals who ...