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Contractual Obligation (Insurance)

Contractual Obligation (Insurance) Template for Indonesia

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Key Requirements PROMPT example:

Contractual Obligation (Insurance)

"I need a Contractual Obligation (Insurance) agreement for a manufacturing company in Jakarta, covering property and machinery damage with a value of IDR 50 billion, to be effective from March 1, 2025, with specific provisions for natural disaster coverage and business interruption insurance."

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Document background
This Contractual Obligation (Insurance) document serves as the primary agreement between an insurance provider and policyholder in Indonesia, structured in accordance with Law No. 40 of 2014 on Insurance and related OJK regulations. It is used when establishing new insurance coverage or renewing existing policies, containing essential elements such as risk coverage, premium calculations, claims procedures, and party obligations. The document must be drafted in Indonesian language (with optional translation) and requires specific provisions mandated by Indonesian insurance regulations. It's particularly important for risk management and compliance purposes, as it needs to balance commercial interests with regulatory requirements while providing clear and transparent terms for all parties involved. The document is designed to be adaptable for various types of insurance products while maintaining compliance with Indonesian insurance law framework.
Suggested Sections

1. Parties: Identification of the insurer and the policyholder/insured party, including complete legal names and addresses

2. Background: Context of the insurance agreement and brief description of the insurance coverage being provided

3. Definitions: Detailed definitions of key terms used throughout the contract, including insurance-specific terminology

4. Scope of Coverage: Detailed description of what risks are covered under the policy and any territorial limits

5. Premium and Payment Terms: Premium amount, payment schedule, and consequences of non-payment

6. Duration and Renewal: Policy period, effective date, expiration date, and renewal terms

7. Exclusions: Specific risks, circumstances, or losses that are not covered under the policy

8. Claims Procedure: Step-by-step process for filing claims, required documentation, and timeframes

9. Obligations of the Insured: Policyholder's duties regarding disclosure, risk mitigation, and claim reporting

10. Obligations of the Insurer: Insurer's responsibilities regarding coverage, claims processing, and payment

11. Termination Provisions: Circumstances under which the policy can be terminated by either party and the consequences

12. Dispute Resolution: Procedures for handling disputes, including jurisdiction and applicable law

13. General Provisions: Standard contractual clauses including notices, amendments, and entire agreement provisions

Optional Sections

1. Co-Insurance Provisions: Required when multiple insurers share the risk, detailing the proportion of coverage by each insurer

2. Reinsurance Arrangements: Included when specific reinsurance details need to be disclosed to the policyholder

3. Beneficiary Provisions: Required for life insurance policies, detailing beneficiary designation and change procedures

4. Investment Components: Required for unit-linked or investment-linked insurance products

5. Grace Period Provisions: Included for policies with premium payment flexibility options

6. Rehabilitation Clause: Optional section for reinstating lapsed policies

7. Profit Sharing: Required for participating policies where policyholder is entitled to share in profits

8. Territory Extension: Included when coverage extends beyond Indonesia

Suggested Schedules

1. Schedule of Benefits: Detailed breakdown of coverage amounts, sub-limits, and specific benefits

2. Schedule of Premiums: Detailed premium calculation, including any loadings or discounts

3. Schedule of Exclusions: Comprehensive list of excluded risks and circumstances

4. Claims Documentation Requirements: Detailed list of documents required for different types of claims

5. Schedule of Insured Property/Assets: For property insurance, detailed list of covered assets and their values

6. Schedule of Endorsements: List of all endorsements modifying the base policy

7. Schedule of Important Timeframes: List of key dates and deadlines for various policy-related actions

8. Risk Disclosure Statement: Mandatory disclosure of risks as required by OJK regulations

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


















































Clauses









































Relevant Industries

Insurance

Banking and Financial Services

Healthcare

Real Estate and Property

Manufacturing

Transportation and Logistics

Construction

Energy

Technology

Retail

Agriculture

Mining

Professional Services

Relevant Teams

Legal

Compliance

Risk Management

Underwriting

Claims Processing

Customer Service

Finance

Operations

Business Development

Product Development

Policy Administration

Actuarial

Relevant Roles

Chief Risk Officer

Insurance Underwriter

Compliance Officer

Legal Counsel

Risk Manager

Claims Manager

Insurance Broker

Policy Administrator

Corporate Secretary

Chief Financial Officer

Insurance Agent

Actuarial Manager

Operations Director

Contract Manager

Business Development Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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