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Agreement To Provide (Insurance) Template for Philippines

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Key Requirements PROMPT example:

Agreement To Provide (Insurance)

"I need an Agreement To Provide (Insurance) for comprehensive property insurance coverage for our manufacturing facility in Manila, with specific provisions for natural disaster coverage and machinery breakdown, to be effective from March 1, 2025."

Document background
The Agreement To Provide (Insurance) is a fundamental document used in the Philippine insurance industry to establish and formalize insurance arrangements between licensed insurance providers and their clients. This agreement is essential when setting up new insurance coverage relationships or updating existing ones, ensuring compliance with the Insurance Code of the Philippines and regulations set by the Insurance Commission. The document encompasses crucial elements such as coverage details, premium structures, claims procedures, and regulatory compliance requirements. It's particularly important in the Philippine context due to specific local insurance regulations and requirements, including mandatory provisions under Republic Act No. 10607 and related circulars. The agreement serves as the primary reference point for both parties' rights and obligations throughout the insurance relationship.
Suggested Sections

1. Parties: Identification of the insurance provider and the client, including complete legal names, registration details, and addresses

2. Background: Context of the agreement, brief description of the parties' businesses, and purpose of the insurance arrangement

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

4. Scope of Insurance Coverage: Detailed description of the insurance services to be provided, including types of coverage, limits, and exclusions

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

6. Duration and Renewal: Term of the agreement, conditions for renewal, and notice periods

7. Claims Procedure: Process for filing and handling claims, including documentation requirements and timeframes

8. Obligations of the Insurance Provider: Responsibilities and duties of the insurer, including service standards and regulatory compliance

9. Obligations of the Insured: Responsibilities of the insured party, including disclosure requirements and risk mitigation

10. Representations and Warranties: Statements of fact and assurances from both parties

11. Termination: Grounds for termination, notice requirements, and consequences of termination

12. Confidentiality: Protection of confidential information and trade secrets

13. Dispute Resolution: Procedures for resolving disputes, including mediation and arbitration provisions

14. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional matters

15. General Provisions: Standard contractual provisions including notices, amendments, and severability

Optional Sections

1. Group Insurance Provisions: Additional terms specific to group insurance arrangements, used when covering multiple individuals under a single policy

2. International Coverage: Specific provisions for international insurance coverage, included when coverage extends beyond Philippine territory

3. Reinsurance Arrangements: Details of reinsurance agreements, included for high-value or complex insurance arrangements

4. Electronic Communications: Provisions for digital documentation and electronic signatures, included when parties agree to conduct business electronically

5. Broker/Agent Provisions: Terms relating to insurance intermediaries, included when brokers or agents are involved in the arrangement

6. Premium Financing: Terms for premium financing arrangements, included when premium financing is offered

7. Special Risk Provisions: Additional terms for specific high-risk or unusual coverage scenarios

Suggested Schedules

1. Schedule A - Coverage Details: Detailed specification of insurance coverage, including limits, deductibles, and specific terms

2. Schedule B - Premium Schedule: Detailed breakdown of premiums, payment dates, and calculation methods

3. Schedule C - Claims Documentation Requirements: List of required documents and procedures for different types of claims

4. Schedule D - Excluded Risks: Comprehensive list of exclusions and limitations of coverage

5. Schedule E - Service Level Standards: Specific performance metrics and service standards for claims processing and customer service

6. Appendix 1 - Policy Forms: Standard policy forms and certificates to be used under the agreement

7. Appendix 2 - Regulatory Compliance Checklist: List of regulatory requirements and compliance procedures

8. Appendix 3 - Contact Information: List of key contacts and escalation procedures for both parties

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

Relevant legal definitions



















































Clauses






































Relevant Industries

Insurance

Financial Services

Banking

Healthcare

Manufacturing

Real Estate

Construction

Retail

Transportation

Energy

Technology

Agriculture

Education

Hospitality

Relevant Teams

Legal

Risk Management

Compliance

Finance

Operations

Procurement

Treasury

Insurance

Claims Processing

Underwriting

Corporate Governance

Contract Administration

Relevant Roles

Chief Risk Officer

Insurance Manager

Legal Counsel

Compliance Officer

Risk Manager

Chief Financial Officer

Insurance Underwriter

Claims Manager

Business Development Manager

Corporate Secretary

Operations Manager

Finance Director

Insurance Broker

Contract Administrator

Procurement Manager

Treasury Manager

Risk Analyst

Insurance Claims Specialist

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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