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Insurance Indemnity Contract
"I need an Insurance Indemnity Contract under Dutch law for my manufacturing company to cover professional liability and property damage, with coverage starting March 1, 2025, including specific provisions for machinery breakdown and business interruption with a €5 million liability cap."
1. Parties: Identification of the indemnifier (insurer) and the indemnitee (insured), including full legal names and registered addresses
2. Background: Context of the insurance arrangement and the purpose of the indemnity
3. Definitions: Defined terms used throughout the agreement, including specific insurance and indemnity-related terminology
4. Scope of Indemnity: Detailed description of what risks, losses, or liabilities are covered under the indemnity
5. Coverage Limits: Maximum amounts payable under the indemnity and any sub-limits for specific types of losses
6. Premium and Payment Terms: Details of premium amounts, payment schedule, and consequences of non-payment
7. Duration and Renewal: Term of the agreement, renewal provisions, and conditions for extension
8. Claims Procedure: Process for making claims, including notification requirements, timeframes, and documentation
9. Exclusions: Specific risks, circumstances, or losses that are not covered by the indemnity
10. Obligations of the Insured: Duties of the insured party, including disclosure obligations and risk mitigation requirements
11. Termination: Circumstances under which the agreement can be terminated by either party
12. Governing Law and Jurisdiction: Confirmation of Dutch law as governing law and jurisdiction for disputes
13. Notices: Process and requirements for formal communications between parties
14. Execution: Signature blocks and execution requirements
1. Subrogation Rights: Details of the insurer's rights to pursue third parties, used when recovery from third parties might be relevant
2. Reinstatement: Provisions for reinstating coverage after a claim, used for longer-term or renewable policies
3. Dispute Resolution: Specific procedures for handling disputes, used when parties want to specify mediation or arbitration processes
4. Compliance with Sanctions: Provisions regarding compliance with international sanctions, used when international elements are involved
5. Insurance Premium Tax: Specific provisions about tax treatment, used when tax implications need clarification
6. Currency Provisions: Specifications about currency of payments, used in international contracts
7. Co-Insurance Arrangements: Details of multiple insurers' involvement, used when risk is shared among multiple insurers
1. Schedule of Covered Risks: Detailed listing of specific risks, circumstances, or events covered by the indemnity
2. Schedule of Premium Calculations: Detailed breakdown of premium calculations and payment schedules
3. Schedule of Limits and Sub-limits: Comprehensive table of coverage limits for different types of losses
4. Schedule of Claims Documentation: List of required documents and evidence for making claims
5. Schedule of Insured Locations/Assets: Specific details of locations or assets covered under the indemnity
6. Appendix - Claims Forms: Standard forms to be used when making claims
7. Appendix - Risk Management Requirements: Detailed requirements for risk management and loss prevention
Authors
Claim
Commencement Date
Coverage Period
Covered Loss
Deductible
Effective Date
Excluded Losses
Force Majeure Event
Indemnified Party
Indemnifying Party
Insurance Period
Insured Event
Insured Risk
Insurer
Limit of Liability
Loss
Material Adverse Change
Notice of Claim
Policy
Premium
Regulatory Authority
Renewal Date
Schedule
Sub-limit
Term
Territory
Third Party
Total Loss
Underlying Insurance
Working Day
Premium Due Date
Policy Year
Insurance Premium Tax
Broker
Co-Insurance
Reinsurance
Policy Schedule
Risk Event
Sum Insured
Underwriting
Policyholder
Coverage Territory
Excluded Territory
Policy Conditions
Insurance Certificate
Policy Endorsement
Coverage Extension
Termination Date
Coverage
Premium Payment
Claims Procedure
Exclusions
Limitations of Liability
Representations and Warranties
Confidentiality
Force Majeure
Termination
Assignment
Notices
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendments
Subrogation
Insurance Obligations
Duty of Disclosure
Risk Management
Premium Adjustment
Policy Renewal
Cancellation
Co-Insurance
Compliance with Laws
Data Protection
Record Keeping
Territory and Jurisdiction
Third Party Rights
Currency and Payment
Tax
Sanctions
Financial Services
Manufacturing
Construction
Healthcare
Technology
Real Estate
Transportation
Energy
Retail
Professional Services
Agriculture
Mining
Maritime
Aviation
Legal
Risk Management
Finance
Compliance
Insurance
Treasury
Operations
Corporate Governance
Claims Management
Underwriting
Contract Administration
Risk Manager
Insurance Manager
Chief Financial Officer
Legal Counsel
Compliance Officer
Claims Manager
Underwriting Manager
Insurance Broker
Treasury Manager
Operations Director
Contract Manager
General Counsel
Corporate Secretary
Finance Director
Risk Assessment Officer
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