Tata AIG Insurance launches indemnity cover for auditors
By Our Corporate Bureau | 27 Mar 2003
Mumbai: Tata AIG General Insurance Company has launched its professional indemnity policy for chartered accountants.
The policy has been exclusively designed in consultation with the Bombay Chartered Accountants Society for individual chartered accountants as well as their firms with one to five partners, says Tata AIG General Insurance Company managing director Dalip Verma.
The insurance policy covers claims pertaining to professional negligence and wrongful acts committed or alleged to have been committed in the performance of professional duties.
Wrongful acts could be actual or alleged breach of duties, neglect, error, misleading statements or omission by the insured in the performance of his professional duties. It also provides coverage for all legal expenses incurred in defending such claims.
Tata AIG will pay 100 per cent of the limit of liability as a duty to defend the wording. Tata AIG will handle the entire defence of the claim until its logical conclusion.
Verma says the policy can benefit over 41,600 chartered accountant firms in India with one to five partners, which account for 98 per cent of the market and over 2 lakh individual chartered accountants.
Plans are under way to roll out this product to the rest of the country, subsequent to its launch in Mumbai.
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