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Insurance Indemnity Contract

Insurance Indemnity Contract Template for New Zealand

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Key Requirements PROMPT example:

Insurance Indemnity Contract

"I need an Insurance Indemnity Contract for my construction company operating in Auckland, with specific coverage for heavy machinery and subcontractor works, including cross-indemnification provisions for projects exceeding NZD 5 million."

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Document background
The Insurance Indemnity Contract serves as a crucial risk management tool in the New Zealand business environment, providing protection against specified losses, liabilities, or damages. This document is essential when parties need to transfer risk and establish clear indemnification obligations, typically used in commercial arrangements where significant financial exposure exists. The contract must comply with New Zealand insurance law requirements, including the Insurance Law Reform Acts and related legislation. It is commonly utilized across various industries where businesses seek to protect their assets and operations from potential losses. The document includes comprehensive details about coverage scope, exclusions, premium calculations, claims procedures, and the specific circumstances under which the indemnity applies.
Suggested Sections

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

2. Background: Context of the agreement, including the purpose of the insurance and indemnity arrangement

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

4. Scope of Coverage: Detailed description of what risks, activities, or losses are covered under the insurance

5. Indemnity Provisions: Specific terms of the indemnity, including extent of coverage and limitations

6. Premium and Payment Terms: Details of premium amounts, payment schedules, and payment methods

7. Claims Procedure: Process for making claims, including notification requirements and timeframes

8. Exclusions: Specific circumstances, activities, or losses that are not covered by the insurance

9. Obligations of the Insured: Duties and responsibilities of the insured party, including disclosure requirements

10. Obligations of the Insurer: Duties and responsibilities of the insurer, including service standards and response times

11. Duration and Renewal: Term of the contract and conditions for renewal

12. Termination: Circumstances under which the contract can be terminated by either party

13. Governing Law and Jurisdiction: Confirmation of New Zealand law application and jurisdiction for disputes

Optional Sections

1. Subrogation Rights: Details of the insurer's right to pursue third parties, used when there's potential for third-party recovery

2. Cross-Indemnification: Mutual indemnification provisions, used when multiple parties need reciprocal protection

3. International Coverage: Specific provisions for international coverage, used when insurance extends beyond New Zealand

4. Broker Provisions: Terms relating to insurance broker involvement, used when a broker is part of the arrangement

5. Group Coverage Extensions: Provisions for extending coverage to related entities, used for corporate group policies

6. Special Risk Provisions: Additional terms for specific high-risk activities or unusual circumstances

Suggested Schedules

1. Schedule 1: Premium Calculation: Detailed breakdown of premium calculations and factors affecting premiums

2. Schedule 2: Covered Properties/Assets: Itemized list of specific properties or assets covered under the insurance

3. Schedule 3: Claims History: Record of previous claims and their impact on current coverage

4. Schedule 4: Risk Assessment: Detailed risk assessment and mitigation measures

5. Schedule 5: Policy Limits and Sub-limits: Specific monetary limits for different types of coverage

6. Appendix A: Claims Forms: Standard forms and documentation required for making claims

7. Appendix B: Emergency Procedures: Procedures to follow in emergency situations requiring immediate action

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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








































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Relevant Industries

Financial Services

Construction

Manufacturing

Healthcare

Professional Services

Technology

Real Estate

Transport and Logistics

Mining and Resources

Retail

Education

Hospitality

Agriculture

Engineering

Relevant Teams

Legal

Risk Management

Finance

Compliance

Operations

Insurance

Claims

Corporate Governance

Procurement

Treasury

Business Development

Underwriting

Client Services

Policy Administration

Relevant Roles

Risk Manager

Legal Counsel

Chief Financial Officer

Insurance Manager

Compliance Officer

Operations Director

Contract Manager

Claims Manager

Chief Risk Officer

General Counsel

Insurance Broker

Corporate Secretary

Finance Director

Business Development Manager

Procurement 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,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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