by joseph.perri » Tue Mar 31, 2009 05:03 pm
I left one financial bank as a financial advisor to go indepentant with large indepentant brokerage co.;I took out EOM ins. & i'm presently being sued by the co. i left. I did sign a non -solicitation form when hired with the co. i left .Does EOM ins. cover me & att'y fees?.
Posted: Wed Apr 01, 2009 01:57 am Post Subject:
Welcome to the forum, joseph.perri, and I hope this works out ok for you.
Your "EOM" insurance...I'm assuming you're referring to "errors and omissions" insurance, (which I usually see as "E&O") so forgive me if I've misinterpreted your question.
I think you said that you're being sued for violation of a non-compete agreement, is that right? If that's the case, your E&O unfortunately won't cover it.
Errors and Omissions coverage is intended to protect against liability incurred due to a client suffering a financial loss as a result of an error or an omission committed by you in the delivery of your professional services. It't not intended to protect you from (sorry 'bout this) an intentional tort violation.
Not the news I think you were hoping to read I'm afraid. If you could give us some additional details as to what happened without being too specific (we want to remain anonymous here in this sense), we might be able to help you out. There's a lot of experience here, so if you're willing- so are we.
InsTeacher 8)
Posted: Wed Apr 01, 2009 04:15 am Post Subject:
EOM is also an insurer firm. Anyway, your case seems to be not liable for the coverage you are asking for. Insurance coverage is a helping hand to protect unavoidable risks. e.g if there was wrong shipping of a product and you lost your customer, then insurer will cover you for shipping delays. But you cannot be lible if the enquiry report proves intentional wrong shipping. But please, provide on few more details on type of insurance and the company, etc..
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