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Insurance Addendum
"I need an Insurance Addendum to modify our existing property insurance policy to include additional flood coverage for our Singapore warehouse facility, with the changes to take effect from March 1, 2025."
1. Parties: Identification of the insurer and insured parties
2. Background: Context of the original insurance policy and reason for addendum
3. Definitions: Key terms used in the addendum
4. Scope of Amendment: Specific changes being made to the original policy
5. Effective Date: When the amendments take effect
6. Original Policy Terms: Confirmation of which original policy terms remain in effect
1. Premium Adjustment: Used when amendments affect pricing - details changes to premium amounts or payment terms
2. Claims Procedures: Used when amendments affect claims handling - specifies modified claims processes
3. Disclosure Requirements: Used when amendments create new disclosure obligations - details additional disclosure requirements
1. Schedule of Amendments: Detailed list of specific changes to policy terms
2. Revised Premium Schedule: Updated premium calculations and payment schedule
3. Original Policy Reference: Copy or reference to the original policy being amended
Authors
Agreement Date
Effective Date
Insurance Policy
Original Policy
Policy Number
Policy Period
Premium
Amendment
Amended Terms
Parties
Insurer
Insured
Policyholder
Coverage
Sum Insured
Modified Terms
Original Terms
Governing Law
Jurisdiction
MAS
Regulatory Requirements
Claims
Broker
Agent
Policy Schedule
Benefits
Exclusions
Conditions Precedent
Material Change
Effective Date
Premium Adjustment
Policy Coverage
Claims Procedures
Beneficiary Designation
Notification Requirements
Compliance with Regulations
Disclosure Obligations
Cancellation Rights
Continuation of Original Terms
Governing Law
Dispute Resolution
Confidentiality
Data Protection
Force Majeure
Severability
Entire Agreement
Assignment
Notices
Exclusions
Conditions Precedent
Premium Payment
Policy Duration
Renewal Terms
Regulatory Compliance
Documentation Requirements
Warranties
Integration
Interpretation
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