How is the premium calculated for professional Indemnity policy?

I am a Chartered Accountant. What is the scope of Professional Indemnity policy for Chartered Accountants? How is the premium calculated?

Professional Indemnity policies for chartered accountants basically cover the legal liability, which the insured could incur by way of losses to clients arising out of the acts of omissions or errors on the part of the insured or his paid employees named in the proposal. Such acts committed should be in the course of rendering professional services. However, delays caused by the insured himself viz. loss suffered by a client due to delay in filing of his return by the chartered accountant are specifically excluded from the scope of the Professional Indemnity Insurance. The premium under the policy depends on two parameters viz. limit of liability in any one year (AOY) and the limit of liability any one accident (AOA). Premium for the paid assistants and apprentices is charged extra. Most of the insurers issue this policy with compulsory deductible, which is 0.5% of AOY limit or Rs.5000/-, whichever is less.  

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