diff --git a/README.md b/README.md
index a60c932..db9a014 100644
--- a/README.md
+++ b/README.md
@@ -70,10 +70,13 @@ await bot.log.debug("noisy", log_to_file=False)   # -> Discord only
 
 ## Errors
 
-Resolution failures (unresolvable guild/channel, bad config) raise `ValueError` at
-`initialize`/call time — a misconfigured logger should fail loudly at setup. Per-call
-**send** failures do **not** propagate: they fall back to the stdlib logger so a
-transient Discord failure never breaks the caller's command.
+Resolution failures (unresolvable guild/channel, bad config) raise from `initialize()`
+— a misconfigured logger should fail loudly at setup. The raised type is usually
+`ValueError`, but an underlying `discord` exception (`NotFound` / `Forbidden` /
+`HTTPException`) from `fetch_guild`/`fetch_channel` can also propagate. On a **per-call**
+send, neither resolution nor send failures propagate: they fall back to the stdlib
+logger so a transient Discord failure (or a per-call `guild=` that doesn't resolve)
+never breaks the caller's command.
 
 ## Construction contract