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India: High premiums lead brokers to compromise on indemnity insurance

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The mandatory indemnity insurance policies being purchased by various broker associations in India for their members do not cover them for the errors and omissions clause, Financial Chronicle reported.

Insurers offer 50% to 70% discount on policies without E&O, it said.

Uttam Bagri, secretary of the Bombay Stock Exchange Brokers Forum, said "we have bought the policy for our 700 members without the E&O cover from HDFC ERGO General Insurance Co. Ltd."

Mr. Bagri said "this premium for a policy with the E&O clause is very high."

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