The Indemnity Agreement (Insurance) serves as the primary contractual document establishing the insurance relationship between the indemnitor and indemnitee under Indonesian law. This document is essential when parties seek to create a legally binding insurance arrangement that complies with Indonesian insurance regulations, particularly Law No. 40 of 2014 on Insurance and OJK regulations. It is used to clearly define the scope of insurance coverage, risk transfer mechanisms, premium payment terms, and claims procedures. The agreement includes specific provisions required by Indonesian law, such as dispute resolution mechanisms and consumer protection measures. It's particularly important for businesses operating in Indonesia seeking comprehensive insurance coverage and for insurers providing protection while maintaining regulatory compliance.
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1. Parties: Identification of the Indemnitor (Insurance Company) and the Indemnitee (Insured Party), including registration details as required by Indonesian law
2. Background: Context of the agreement, relationship between parties, and purpose of the indemnity arrangement
3. Definitions: Definitions of key terms used throughout the agreement, including insurance-specific terminology
4. Scope of Indemnity: Detailed description of the risks covered, indemnity limits, and exclusions
5. Premium and Payment Terms: Details of premium calculations, payment schedule, and payment methods
6. Claims Procedure: Process for making claims, required documentation, and timelines
7. Obligations of the Parties: Specific duties of both the insurer and the insured, including disclosure requirements
8. Duration and Renewal: Term of the agreement, renewal conditions, and termination provisions
9. Representations and Warranties: Statements of fact and promises made by both parties
10. Compliance with Laws: Provisions ensuring compliance with Indonesian insurance regulations and other applicable laws
11. Dispute Resolution: Procedures for resolving disputes, including jurisdiction and governing law
12. General Provisions: Standard clauses including notices, amendments, and severability
1. Reinsurance Arrangements: Details of reinsurance coverage when applicable to the indemnity arrangement
2. Special Risk Provisions: Additional provisions for specific high-risk or unusual coverage situations
3. Group Coverage Extensions: Terms for extending coverage to affiliated entities or group members
4. International Coverage: Provisions for cross-border coverage when the insured operates internationally
5. Broker Provisions: Terms relating to insurance broker involvement and responsibilities
6. Currency Provisions: Terms for handling multiple currencies in premium payments and claims
7. Force Majeure: Provisions for handling extraordinary events affecting coverage or claims
1. Schedule A - Premium Calculation: Detailed breakdown of premium calculations and adjustment mechanisms
2. Schedule B - Covered Risks: Comprehensive list of covered risks and specific conditions
3. Schedule C - Exclusions: Detailed list of exclusions and limitations to coverage
4. Schedule D - Claims Documentation: List of required documents and forms for claims processing
5. Schedule E - Territory of Coverage: Geographical scope of coverage and any territorial limitations
6. Appendix 1 - Claims Forms: Standard forms required for claims submission
7. Appendix 2 - Risk Assessment Report: Initial risk assessment and any special conditions based on the assessment
8. Appendix 3 - Regulatory Compliance Checklist: Checklist ensuring compliance with Indonesian insurance regulations
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