This Service Contract Liability (Insurance) document is essential for businesses operating in the Philippines that provide professional services and need protection against liability claims arising from their service contracts. The document is structured to comply with Philippine insurance laws and regulations, particularly the Insurance Code of the Philippines and Insurance Commission requirements. It is typically used when a service provider needs comprehensive coverage against potential claims resulting from their professional activities, errors, omissions, or contractual obligations. The document includes detailed sections on coverage scope, liability limits, exclusions, and claims procedures, tailored to the Philippine business environment. It's particularly relevant in today's complex business landscape where service providers face increasing liability risks and regulatory scrutiny.
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1. Parties: Identification of the insurer, insured party, and any additional named insureds
2. Background: Context of the service contract liability insurance, including the nature of services being covered
3. Definitions: Detailed definitions of key terms used throughout the policy, including technical and legal terminology
4. Scope of Coverage: Detailed description of what services and liabilities are covered under the insurance policy
5. Policy Period: Duration of coverage, including start and end dates, and renewal terms
6. Premium and Payment Terms: Details of premium amounts, payment schedule, and payment methods
7. Limits of Liability: Maximum coverage amounts for different types of claims and aggregate limits
8. Exclusions: Specific circumstances, activities, or losses that are not covered by the policy
9. Claims Procedures: Step-by-step process for filing and handling claims
10. Obligations of the Insured: Responsibilities and duties of the insured party to maintain coverage
11. Termination and Cancellation: Conditions and procedures for ending or cancelling the policy
12. Governing Law and Jurisdiction: Specification of Philippine law as governing law and relevant jurisdiction
1. Additional Insured Endorsements: Section for adding other parties who need coverage under the policy
2. Cross-Liability Clause: Optional section for handling claims between multiple insured parties
3. Territory Extension: Section for extending coverage to specific geographic areas beyond standard coverage
4. Special Conditions: Additional conditions specific to the insured's business or industry
5. Defense Costs: Specific provisions for legal defense costs and their coverage
6. Dispute Resolution: Alternative dispute resolution procedures beyond standard legal proceedings
7. Force Majeure: Provisions for extraordinary events affecting policy performance
1. Schedule A - Premium Calculation: Detailed breakdown of premium calculation and applicable rates
2. Schedule B - Covered Services: Comprehensive list of services covered under the policy
3. Schedule C - Claims History: Record of previous claims and loss history
4. Schedule D - Risk Assessment: Detailed risk assessment and mitigation measures
5. Appendix 1 - Claims Forms: Standard forms and documents required for claims processing
6. Appendix 2 - Service Level Requirements: Specific service standards and requirements that must be maintained
7. Appendix 3 - Regulatory Compliance Checklist: Checklist of Philippine regulatory requirements and compliance measures
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