The Indemnity Agreement (Insurance) is a crucial document used in the Indian insurance sector to establish and govern the relationship between insurers and insured parties. This agreement becomes necessary when parties seek to create a legally binding insurance arrangement that provides protection against specified risks or losses. The document must comply with Indian insurance laws, particularly the Insurance Act 1938, IRDA regulations, and relevant provisions of the Indian Contract Act 1872. It typically includes detailed provisions on coverage scope, premium calculations, claims procedures, and regulatory compliance requirements. The agreement is particularly important in the Indian context due to specific regulatory requirements and the need to address unique market conditions and risks in the Indian business environment.
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1. Parties: Identifies and defines the Insurer and the Insured with complete legal names and addresses
2. Background: Explains the context and purpose of the agreement, including the basic intent to provide indemnity coverage
3. Definitions: Defines all key terms used in the agreement, including specific insurance and indemnity-related terminology
4. Scope of Indemnity: Details the specific risks, losses, and circumstances covered by the indemnity
5. Premium and Payment Terms: Specifies the premium amount, payment schedule, and consequences of non-payment
6. Duration and Renewal: Defines the term of the agreement and conditions for renewal
7. Claims Procedure: Outlines the process for making claims, including notification requirements and documentation
8. Exclusions: Lists specific circumstances, events, or losses not covered by the indemnity
9. Obligations of the Insured: Details the responsibilities and duties of the insured party
10. Obligations of the Insurer: Specifies the responsibilities and duties of the insurance company
11. Termination: States conditions under which either party may terminate the agreement
12. Dispute Resolution: Specifies procedures for resolving disputes, including jurisdiction and governing law
13. General Provisions: Contains standard clauses including notices, amendments, and severability
1. Co-Insurance Provisions: Required when multiple insurers share the risk
2. Subrogation Rights: Included when the insurer may need to pursue third parties
3. International Coverage: Required for policies covering international risks or operations
4. Reinstatement Provisions: Included when policy limits can be reinstated after a claim
5. Premium Adjustment: Required for policies where premium may be adjusted based on actual risk exposure
6. Compliance with Specific Regulations: Needed for specialized insurance types subject to specific regulatory requirements
1. Schedule A - Coverage Details: Detailed breakdown of coverage limits, sub-limits, and deductibles
2. Schedule B - Premium Calculation: Detailed premium calculation methodology and factors
3. Schedule C - Excluded Risks: Comprehensive list of excluded risks and circumstances
4. Schedule D - Claims Documentation Requirements: List of required documents and forms for claims processing
5. Appendix 1 - Claim Forms: Standard forms to be used for claim submission
6. Appendix 2 - Risk Assessment Report: Initial risk assessment details forming basis of the agreement
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