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Chartered Accountants Insurance

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Professional Indemnity Insurance for Chartered Accountants Advantage

Comprehensive Cover
Cover all claims made against you for actual or alleged failures unintentionally and in good faith. These claims are typically made by irate customers. Your policy will also cover losses that you may sustain, by reason of fraudulent or erroneous entries in any share or debenture register or record, relative to the registration, transfer, transmission, holding of any relevant document.
Legal Support
It will cover Chartered Accountants for defence costs wherever such costs have been incurred. It will also reduce the probability of loss in income from business interruption in case Chartered Accountants had to defend against an allegation.
Original Retroactive Date
Claims related to any event occurring after the retroactive date are covered. This is the start date when the first professional indemnity insurance was bought. So, if you have an insurance in force for the past three years and there is a suit related to an incident that took place two years ago that will also be covered.
Peace Of Mind
It gives you peace of mind to operate your business confidently and safely, in the knowledge that you’ll be covered if any inadvertent mistakes or dissatisfied clients comes back to sue you.

Why Claims Get Rejected?

Exclusion Of Pre-Policy Claims

The policy will not cover work carried out before the policy was bought. If there is a break in your renewal then the retroactive date is reset to the start of the new insurance. We prevent this by ensuring timely renewal.

Incorrect Information

If you provide wrong information at any stage, it will result in claim rejection. For example, you may not have told the insurer about a pre-existing Country Court Judgement (CCJ) or pending criminal cases. Such cases are treated as non-disclosure of information which results in claim rejection.

Deliberate Omissions

It includes any acts or omissions you deliberately or recklessly commit, condone or ignore. It may including any actual or alleged shortcoming in the work. These cases are common exclusions under the policy.

Theft Protection

Lost or stolen documents, whether hard copies or information held on PCs or laptops. The cost of retrieving data is also included.

Add-on Cover

Extensions can be purchased to cover overseas litigation, in case you have foreign clients. An emergency cover can be purchased that provides money to you at short notice.

Retroactive Cover

Retroactive Cover is the benefit you will enjoy on timely renewal. This will ensure that your claims from work you did before in previous year will be considered.

Why SecureNow

Deep
Product Knowledge

We have specialized underwriters and tie-ups with international experts.

Cost-effective
Insurance

We work with all insurers to get you the best options- both in terms of price and features.

Quick Turnaround

Cover notes are issued within hours of request. This documentation is sufficient for any contractual requirement.

Strong Claim Support

We manage all aspects of your claim - from preparing documentation to follow-up with the insurer.

Value Added
Services

We will advice you on risk management best practices

Policy Administration
System (PAM)

See all your contracts and renewal information in one place. Place service requests on PAM.

PROPOSAL FORMS
CLAIM FORMS
POLICY WORDINGS
NETWORK HOSPITAL LIST

FAQs

Professional indemnity insurance protects CAs from claims made against them by third parties for financial compensation. The claims may arise from a breach of professional duty.

The chartered accountant’s indemnity policy excludes -
  • Criminal acts & fraud
  • Infringement of plans
  • Injury
  • Willful acts

There are various factors that influence the premium amount under chartered accountant’s professional indemnity insurance such as –
  • Number of clients the CA attends in a day
  • Past claim settlement
  • Limit of indemnity etc.

The duration of chartered accountant’s indemnity insurance scheme is typically 1 year, after which the policy can be renewed to avail protection against liabilities.

As soon as the insured gets a legal notice or learns about a professional negligence, error or omission, the insured must start preparing to file a claim settlement.

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