The Insurance Regulatory and Development Authority of India on 11th June 2021 has published the guidelines on standard professional indemnity policy for insurance brokers, corporate agents, insurance web aggregators etc.
The object of this guideline is to specify the professional indemnity policy that meets the regulatory requirements and it shall be effective from 1st July 2021.
The Policy shall cover all damages resulting from any claim for breach of duty of the insured, fraud and dishonestly of any employees which the insured becomes legally liable to pay arising out of claims first made in writing against the insured during the policy period including legal costs and expenses incurred with prior consent of insurers, subject always to the limits of indemnity and other terms, conditions and exceptions of the policy.
