The Insurance Indemnification Agreement is a crucial document used in Nigerian business transactions where one party seeks protection against potential losses or liabilities through insurance coverage. This document is particularly important in complex commercial arrangements where risk allocation is essential. The agreement must comply with the Nigerian Insurance Act 2003 and NAICOM regulations, making it suitable for both local and international business operations within Nigeria. It typically includes comprehensive details about coverage scope, claim procedures, payment terms, and dispute resolution mechanisms. The document is designed to provide clarity on the rights and obligations of both the indemnitor and indemnitee while ensuring regulatory compliance and effective risk management.
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1. Parties: Identification of the Indemnitor (typically the insurance company) and the Indemnitee, including full legal names and addresses
2. Background: Context of the agreement, relationship between parties, and purpose of the indemnification
3. Definitions: Detailed definitions of key terms used throughout the agreement, including 'Indemnified Events', 'Losses', and 'Claims'
4. Scope of Indemnification: Detailed description of what events, losses, or circumstances are covered by the indemnification
5. Indemnification Obligations: Specific obligations of the Indemnitor, including financial limits and types of coverage provided
6. Exclusions: Clear listing of events, circumstances, or losses not covered by the indemnification
7. Claims Procedure: Process for making claims, including notification requirements, timing, and documentation
8. Payment Terms: Terms and conditions for payment of claims, including timing and method of payment
9. Duration and Termination: Period of coverage and circumstances under which the agreement can be terminated
10. Dispute Resolution: Procedures for resolving disputes, including jurisdiction and applicable law
11. Confidentiality: Obligations regarding confidential information shared during the course of the agreement
12. General Provisions: Standard clauses including notices, amendments, assignment, and severability
1. Subrogation Rights: Details of the Indemnitor's rights to pursue third parties - include when subrogation rights are relevant to the agreement
2. Insurance Requirements: Specific insurance requirements for either party - include when additional insurance coverage is required
3. Security Provisions: Requirements for security or collateral - include when financial security is needed
4. Regulatory Compliance: Specific regulatory requirements - include when dealing with regulated industries or specific sectors
5. Cross-Indemnification: Mutual indemnification provisions - include when both parties are providing indemnification
6. Force Majeure: Provisions for extraordinary events - include when specific external risks need to be addressed
1. Schedule A - Covered Events: Detailed list of specific events, activities, or circumstances covered by the indemnification
2. Schedule B - Premium Schedule: Details of any premium payments, including amounts, payment schedule, and adjustment mechanisms
3. Schedule C - Claim Documentation Requirements: Specific documents and evidence required for making claims
4. Schedule D - Territorial Limits: Geographic scope of coverage and any territorial restrictions
5. Appendix 1 - Contact Information: Detailed contact information for key personnel and departments involved in claims processing
6. Appendix 2 - Claim Forms: Standard forms and templates for submitting claims
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