Tata-AIG ups the ante in an arena where state insurers offer 25% cover
Chartered accountants can now avail 100 per cent professional indemnity cover for the first time in the country in the event of clients claiming loss on account of breach of professional duty.
The need for higher coverage comes in the wake of major changes made in the Indian accounting standards following the brouhaha over audited accounts of Indian corporates and concerns raised over the rampant overstatement and understatement of profits.
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Chartered accountants feel that with more complications in the provision of the law, the number of claims will increase. Tata AIG General Insurance Company today launched a professional indemnity policy tailored specifically for chartered accountants.
The cover provides a comprehensive liability protection to CAs against breach of professional duty, loss of documents, defence costs and discovery period. The cover has been designed in consultation with the Bombay Chartered Accountants