Section 24(2) in The Insurance Regulatory And Development Authority (Insurance Brokers) Regulations, 2002
(2)The insurance cover must indemnify an insurance broker against-(a)any error or omission or negligence on his part or on the part of his employees and directors;(b)any loss of money or other property for which the broker is legally liable in consequence of any financial or fraudulent act or omission;(c)any loss of documents and costs and expenses incurred in replacing or restoring such documents;(d)dishonest or fraudulent acts or omissions by brokers' employees or former employees.
