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Insurance Pooling Agreement
"Need an Insurance Pooling Agreement for a group of five maritime insurers based in London, with specific focus on cargo vessel coverage and a planned commencement date of March 1, 2025, including detailed provisions for claims handling and premium allocation."
1. Parties: Identification and details of all participating insurers and pool administrators
2. Background: Context and purpose of the pooling arrangement
3. Definitions: Key terms used throughout the agreement
4. Pool Structure: Organization and governance of the insurance pool
5. Risk Sharing Mechanism: Details of how risks and premiums are shared among pool members
6. Claims Handling: Procedures for processing and settling claims
7. Financial Provisions: Premium collection, fund management, and distribution of profits/losses
8. Term and Termination: Duration of agreement and termination provisions
1. Reinsurance Arrangements: Details of any pool-wide reinsurance coverage - include when the pool collectively purchases reinsurance
2. Investment Policy: Guidelines for investing pool funds - include when the pool maintains collective investment funds
3. Dispute Resolution: Specific procedures for resolving disputes between pool members - include when standard dispute resolution provisions need modification
1. Schedule 1 - Member List: Details of all participating insurers and their respective shares
2. Schedule 2 - Risk Acceptance Criteria: Detailed underwriting guidelines and limits
3. Schedule 3 - Premium Calculation Method: Detailed methodology for calculating premiums and shares
4. Schedule 4 - Claims Handling Procedures: Detailed procedures for claims management
5. Schedule 5 - Reporting Templates: Standard forms for regular reporting requirements
Authors
Applicable Law
Business Day
Claims
Commencement Date
Confidential Information
Effective Date
Eligible Risks
Excluded Risks
Financial Year
Force Majeure Event
Insurance Pool
Lead Insurer
Loss
Member
Member Share
Net Premium
Pool Administrator
Pool Management Committee
Pool Manager
Pool Percentage
Pool Policy
Premium
Regulatory Authority
Relevant Jurisdiction
Risk Assessment Guidelines
Risk Share
Solvency Ratio
Technical Reserves
Term
Termination Date
Underwriting Guidelines
Underwriting Year
Pool Administration
Risk Sharing
Premium Allocation
Claims Management
Underwriting Guidelines
Financial Provisions
Capital Requirements
Reporting Obligations
Governance Structure
Voting Rights
Entry and Exit Provisions
Confidentiality
Data Protection
Regulatory Compliance
Audit Rights
Force Majeure
Dispute Resolution
Indemnification
Liability Limitations
Assignment Rights
Termination
Amendments
Notices
Severability
Entire Agreement
Governing Law
Jurisdiction
Reinsurance Arrangements
Investment Policy
Reserves Management
Distribution of Profits
Loss Allocation
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