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Insurance Broker Agreement Template for Pakistan

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Key Requirements PROMPT example:

Insurance Broker Agreement

"I need an Insurance Broker Agreement for our Pakistan-based technology company, which requires comprehensive cyber insurance and professional liability coverage starting March 2025, with specific provisions for digital asset protection and online service delivery."

Document background
The Insurance Broker Agreement is a crucial document used when establishing a formal relationship between a licensed insurance broker and a client in Pakistan. This agreement is essential for compliance with Pakistani insurance regulations, particularly the Insurance Ordinance 2000 and SECP requirements. It serves to clearly define the scope of services, responsibilities, and compensation structure while protecting both parties' interests. The document is particularly important in the Pakistani context where insurance broking is strictly regulated and requires specific compliance measures. It includes provisions for insurance placement, risk management, claims assistance, and regulatory compliance, while addressing local legal requirements and market practices. The agreement is designed to ensure transparency in the broker-client relationship and establish clear service expectations while maintaining compliance with local insurance laws and regulations.
Suggested Sections

1. Parties: Identification of the Insurance Broker and the Client, including their legal names, registration details, and addresses

2. Background: Context of the agreement, including broker's licensing status and client's business nature

3. Definitions: Key terms used throughout the agreement, including regulatory terms from Pakistani insurance laws

4. Scope of Services: Detailed description of brokerage services to be provided, including insurance placement, claims assistance, and risk management advice

5. Broker's Obligations: Key responsibilities including regulatory compliance, disclosure requirements, and service standards

6. Client's Obligations: Client's responsibilities including information disclosure, premium payment, and cooperation requirements

7. Compensation: Broker's fees, commissions, and payment terms

8. Representations and Warranties: Standard declarations regarding licensing, authority, and compliance with laws

9. Confidentiality: Provisions for handling confidential information and data protection

10. Term and Termination: Duration of agreement and circumstances for termination

11. Indemnification: Mutual indemnification provisions and liability limitations

12. Governing Law and Jurisdiction: Specification of Pakistani law and jurisdiction

13. General Provisions: Standard boilerplate clauses including notices, amendments, and assignment

Optional Sections

1. Electronic Communications: Provisions for digital communications and online services, used when broker provides digital platforms

2. Sub-Broking Arrangements: Terms for involving other brokers, used when sub-brokers may be needed

3. International Operations: Additional provisions for cross-border services, used when client has international insurance needs

4. Risk Management Services: Additional terms for risk assessment and management services, used when providing extended consulting services

5. Claims Handling Procedures: Detailed claims processing procedures, used when broker provides comprehensive claims support

6. Premium Financing: Terms for premium financing arrangements, used when financing options are offered

7. Compliance with Shariah Principles: Additional provisions for Islamic insurance (Takaful) arrangements, used when dealing with Islamic insurance

Suggested Schedules

1. Schedule A - Services Description: Detailed list of specific insurance broking services to be provided

2. Schedule B - Fee Structure: Detailed breakdown of fees, commissions, and other charges

3. Schedule C - Service Level Agreement: Specific performance metrics and service standards

4. Schedule D - Authorized Representatives: List of key contacts and authorized personnel from both parties

5. Schedule E - Compliance Requirements: Specific regulatory requirements and compliance procedures

6. Appendix 1 - Required Documents: List of documents required for insurance placement and claims

7. Appendix 2 - Claims Procedures: Step-by-step claims handling procedures and requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions








































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Relevant Industries

Financial Services

Insurance

Banking

Manufacturing

Real Estate

Healthcare

Technology

Retail

Construction

Transportation

Energy

Agriculture

Professional Services

Education

Hospitality

Relevant Teams

Legal

Finance

Risk Management

Compliance

Operations

Procurement

Treasury

Corporate Affairs

Insurance

Business Development

Relevant Roles

Risk Manager

Chief Financial Officer

Insurance Manager

Compliance Officer

Legal Counsel

Chief Executive Officer

Finance Director

Operations Manager

Procurement Manager

General Counsel

Insurance Broker

Risk Analyst

Treasury Manager

Corporate Secretary

Business Development 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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