Trust department errors and omissions coverage

{
  "id": "MLC-T-INS-003384",
  "term": "Trust department errors and omissions coverage",
  "field": "Insurance and risk management",
  "definition": "Professional liability insurance specifically designed for the trust departments of financial institutions. This coverage protects against claims arising from alleged negligence, errors, or omissions in the administration of trusts, estates, and other fiduciary duties. It addresses financial losses incurred by beneficiaries due to mistakes in investment management, distribution, or record-keeping.",
  "url": "https://mlchart.com/terminology/insurance/trust-department-errors-and-omissions-coverage/"
}