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Insurance cover may come to audit firm's aid Mumbai: The fraud at Satyam, which has put the role of it auditors Price Waterhouse under scanner, may affect the firm’s reputation and future business but its immediate financial impact will be limited thanks to a professional indemnity cover. Though it’s still early days to gauge the damage to the firm, Price Waterhouse has purchased a liability insurance cover from clutch of international insurers, whose details were not immediately available. Price Waterhouse’s spokesperson for India did not take calls for two days. Unlike India, large policies abroad are picked from many companies. The large insurers including AIG, Allianz and Munich Re are among those who have offered liability cover to Price Waterhouse, industry sources said. Professional indemnity covers liability falling on the auditors as a result of omissions while rendering services. The policy takes care of the compensation sought by a client for mistakes done or found to have been negligent in services provided by them. It also covers legal costs. An insurance company executive said that Institute of Chartered Accountants of India (ICAI) will take the required action against the auditors concerned. But the fraud at Satyam is going to increase the cost for other insurance companies which opt for directors and officers insurance covers. Satyam has a $75 million D&O cover from Tata AIG, which will cover some of the actions by its key personnel who were at the helm when the irregularities took place. D&O cover comes in different layers and in this case Tata AIG is believed to be the primary insurer. ICICI Lombard covers the fifth layer along with New India Insurance. According to an ICICI Lombard executive, D&O claims of over Rs 130 crore arising from Satyam is covered by the company. “Now demand for D&O from companies will increase substantially. The fallout of Satyam may result into hardening of D&O rates especially from the private insurers as it is completely reinsurance driven,” said B K Sinha Managing Director of Unison Insurance Broking Services. “So far, Indian companies were seen to be above board but the developments at Satyam will force insurers and reinsurers to change their perception and seek a higher price while under-writing these risks,” said a reinsurer. Indian companies have to mandatorily carry D&O cover in order to get listed on US stock exchanges. At present, there are 14 companies listed in the US including Dr Reddy’s, ICICI Bank, TCS, Infosys, Tata Chemical and L&T. Source: Business Standard |
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