diff --git a/swaggerpy/async_http_client.py b/swaggerpy/async_http_client.py
index 93093b73..3004f567 100644
--- a/swaggerpy/async_http_client.py
+++ b/swaggerpy/async_http_client.py
@@ -18,6 +18,7 @@
 import twisted.web.client
 from swaggerpy import http_client
 from swaggerpy.exception import HTTPError
+from swaggerpy.exception import TimeoutError
 from swaggerpy.multipart_response import create_multipart_content
 from twisted.internet import reactor
 from twisted.internet.defer import Deferred
@@ -75,8 +76,10 @@ def wait(self, timeout):
         log.info(u"%s %s", self.request_params.get('method'),
                  self.request_params.get('uri'))
         # finished_resp is returned here
-        # TODO: catch known exceptions and raise common exceptions
-        return self.eventual.wait(timeout)
+        try:
+            return self.eventual.wait(timeout)
+        except crochet._eventloop.TimeoutError as e:
+            raise TimeoutError(e)
 
     @crochet.run_in_reactor
     def fetch_deferred(self):
diff --git a/swaggerpy/exception.py b/swaggerpy/exception.py
index f73d4b5b..3e8542da 100644
--- a/swaggerpy/exception.py
+++ b/swaggerpy/exception.py
@@ -19,7 +19,16 @@ def __init__(self, *args, **kwargs):
         super(HTTPError, self).__init__(*args, **kwargs)
 
 
-class CancelledError():
+class CancelledError(Exception):
     """Error raised when result() is called from HTTPFuture
     and call was actually cancelled
     """
+
+
+class SwaggerRequestError(Exception):
+    """Generic exception that consumers of this package can catch"""
+
+
+class TimeoutError(SwaggerRequestError):
+    """Error raised when the underlying crochet implementation
+    raises a TimeoutError"""