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Why you should Buy ICICI Lombard’s Professional Indemnity Insurance for Chartered Accountants?

ICICI Lombard is one of the leading liability insurers in Indian market. We have
re-insurance arrangement with leading A rated re-insurers (A.M. Best). Our expertise in handling liability claims is one of the best in the industry. Our panel of lawyers give an edge in the market.

What is Professional Indemnity Insurance
for Chartered Accountants?

An insurance policy that indemnifies you against your legal liability to pay compensation including defence costs, fees and expenses anywhere in India in accordance with indian laws.

The insurance covers the claims arising out of losses and/or damages due to any breach of professional duty by reason of any negligent act, error or omission committed or alleged while rendering your services as a chartered accountant and during the period of insurance.

PI for CA
Professional Indemnity Insurance Chartered Accounatant

Who needs Professional Indemnity Insurance for Chartered Accountants?

This policy is specially build for both CA firms and individuals who provide professional services like chartered accountants, financial accountants, management consultants, lawyers, advocates. solicitors, counsels and want to secure their financial position and professional reputation.

Why do you need Professional Indemnity Insurance for Chartered Accountants?

Professional indemnity insurance is the safety net that protects you if your practice's risk management strategies fail. If client or third party faces a financial loss because of your professional advice, they may hold you legally responsible and make a claim for the economic loss. A Chartered Accountant can be found liable for breach of contract, negligence, or breach of statute

Professional indemnity insurance will assist with protecting you personally your employees and business against third party coins and allegations.

PI for Chartered Accountant

Get answers to common questions about
Professional Indemnity for Chartered Accountants

Do chartered accountant need professional indemnity insurance?

Yes, this policy is designed for individuals and CA firms who provide professional services like chartered accountants, financial accountants, management consultants, lawyers, advocates, solicitors, counsels and want to secure their financial position and professional reputation.
It depends upon your need, type of business you own, services you provide and level of risk. After consulting with insurers you can establish your level of cover for this policy.
It depends upon the policy but mostly the tenure is 12 Months.
Yes, if you are an individual who is practicing services like chartered accountants, financial accountants, management consultants, lawyers, advocates, solicitors, counsels and want to secure their financial position and professional reputation.

What are the Key Benefits under Professional Indemnity for Chartered Accountants?

  • PI insurance protects you and your business from claims if a client sues for negligent acts, inaccurate advice, errors or omissions committed during business activities that result in a financial loss.
  • It will cover all costs, fees and expenses (defence costs) incurred during the investigation.
  • Another major benefit is that your clients will be assured that in case you make an error, you will take steps to fix it and such a display of responsibility and accountability will increase their trust.
The policy will indemnify you against legal liability to pay compensation including defence costs, fees and expenses anywhere in India in accordance with Indian law.
The insurance covers only the claims arising out of loss and/or damages due to any breach of Professional duty by reason of any negligent act, error or omission committed or alleged while rendering the professional services and during the period of insurance.
  • Any criminal act or any violation of any law
  • Fraud or dishonesty act
  • Bodily injury or property damage
  • Fines and penalties
  • War or terrorism risk
Policy documents: For Detailed list of inclusions and exclusions, Please read Policy wordings.
This policy can cover you for mistakes, including professional negligence, unintentional breaches of confidentiality or copyright and loss of documents or data.

How do I register my claim in case if anything happens?

Claims can be registered on our website or by calling the ILGIC call centre.
  • Must have the properly filled in claim form with right information.
  • Copies of evidence and proof.
the insured should report any claim like scenario (a situation which can give rise to a liability against you even in the future) happening with you or your client.

What is the limit of indemnity applicable under the policy?

  • The premium amount is determined on various factors-
  • Risk associated with your business, higher the risk higher will be the premium you have to pay.
  • Past legal claims experience of the insured (whether or not insured).
  • The type of clients and the industries you serve as a CA.
Yes the policy can be cancelled by both the insured and the insurer with a one month notice period.
The premium is refunded on the basis of a short period premium scale in case you want to cancel the policy. In case we notify to cancel the policy, we will refund the balance premium on pro-rata basis.
No, this policy will cover your professional services not premises.
No, there is no limit as per defined. However the insurance co’s liability will be limited to the aggregate limit of indemnity selected by you for the insurance policy.
Product Name: Professional Indemnity Policy for Chartered Accountants Product UIN:IRDAN115CP0024V01201920
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