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Contract Of Indemnity And (Insurance)
"I need a Contract of Indemnity and Insurance for my manufacturing company in Mumbai, covering equipment damage and third-party liability with a coverage limit of ₹5 crore, to be effective from March 1, 2025, with special attention to coverage for international shipments."
1. Parties: Identification of the Indemnitor/Insurer and Indemnitee/Insured with full legal names and addresses
2. Background: Context of the agreement, relationship between parties, and purpose of the indemnification and insurance arrangement
3. Definitions: Key terms used throughout the agreement including 'Indemnified Events', 'Loss', 'Claims', 'Insurance Coverage', etc.
4. Scope of Indemnification: Detailed description of events, losses, and circumstances covered by the indemnification
5. Insurance Requirements: Specific types of insurance required, coverage limits, and duration of coverage
6. Premium and Payment Terms: Details of insurance premiums, payment schedule, and payment methods
7. Claims Procedure: Process for making claims, notification requirements, and documentation needed
8. Exclusions: Specific events, circumstances, or losses not covered by the indemnification or insurance
9. Duration and Renewal: Term of the agreement, renewal provisions, and termination conditions
10. Obligations of Parties: Specific duties of each party including maintenance of insurance, notification requirements, and cooperation
11. Dispute Resolution: Procedures for resolving disputes, including jurisdiction and governing law
12. General Terms: Standard contract provisions including notices, amendments, assignment, and severability
1. Cross-Indemnification: Used when both parties are providing mutual indemnification to each other
2. Subrogation Rights: Include when specifying the insurer's rights to recover losses from third parties
3. Additional Insured Requirements: Used when other parties need to be included as additional insureds under the policy
4. Special Risk Coverage: Include for specific high-risk activities or unusual circumstances requiring special coverage
5. Reinsurance Provisions: Required when reinsurance arrangements are part of the coverage structure
6. Regulatory Compliance: Include specific section when dealing with heavily regulated industries or activities
7. Force Majeure: Include when specific force majeure events need to be addressed in relation to the indemnity
8. Step-In Rights: Used when one party needs the right to take over certain obligations in specific circumstances
1. Schedule A - Insurance Coverage Details: Detailed breakdown of insurance types, coverage limits, deductibles, and special conditions
2. Schedule B - Premium Schedule: Detailed premium calculations, payment schedules, and adjustment mechanisms
3. Schedule C - Claim Forms and Procedures: Standard forms and detailed procedures for making claims
4. Schedule D - Excluded Events: Comprehensive list of excluded events and circumstances
5. Appendix 1 - Risk Assessment: Detailed risk assessment and basis for coverage decisions
6. Appendix 2 - Insurance Certificates: Copies of relevant insurance certificates and documentation
7. Appendix 3 - Contact Information: List of key contacts for claims, notifications, and emergency situations
8. Appendix 4 - Compliance Certificates: Required regulatory compliance certificates and documentation
Authors
Applicable Law
Claim
Commencement Date
Coverage Period
Covered Event
Deductible
Effective Date
Exclusions
Force Majeure Event
Indemnified Party
Indemnifying Party
Indemnified Loss
Insurance Coverage
Insured
Insurer
IRDAI
Liability
Loss
Material Adverse Effect
Notice
Policy Period
Premium
Regulatory Authority
Renewal Date
Representatives
Schedule
Sub-limit
Sum Insured
Term
Territory
Third Party
Third Party Claim
Underwriting
Working Day
Premium Payment
Indemnification
Insurance Obligations
Claims Procedure
Exclusions and Limitations
Representations and Warranties
Confidentiality
Force Majeure
Dispute Resolution
Governing Law
Notice Requirements
Term and Termination
Assignment
Subrogation
Regulatory Compliance
Premium Adjustment
Policy Renewal
Cancellation Rights
Documentation Requirements
Risk Assessment
Additional Insured
Severability
Amendments
Entire Agreement
Waiver
Third Party Rights
Cooperation
Record Keeping
Reporting Requirements
Insurance
Banking and Financial Services
Manufacturing
Construction
Healthcare
Information Technology
Real Estate
Transportation and Logistics
Energy and Utilities
Professional Services
Retail
Hospitality
Education
Pharmaceuticals
Telecommunications
Legal
Risk Management
Compliance
Finance
Operations
Insurance
Corporate Governance
Claims Processing
Underwriting
Contract Administration
Business Development
Corporate Affairs
Risk Manager
Legal Counsel
Compliance Officer
Insurance Manager
Chief Financial Officer
Operations Director
Contract Manager
Claims Manager
Underwriting Manager
Business Development Manager
Corporate Secretary
General Counsel
Finance Director
Risk Analyst
Insurance Broker
Legal Administrator
Compliance Manager
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