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Insurance Addendum Template for Singapore

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Insurance Addendum

"I need an Insurance Addendum to modify our existing property insurance policy to include additional flood coverage for our Singapore warehouse facility, with the changes to take effect from March 1, 2025."

What is a Insurance Addendum?

An Insurance Addendum is utilized when modifications to an existing insurance policy are required but a complete policy rewrite is unnecessary. This document, governed by Singapore law, enables insurers to adjust coverage terms, premiums, or conditions while maintaining compliance with the Insurance Act and MAS regulations. It's particularly relevant when policy terms need updating due to changed circumstances, regulatory requirements, or mutual agreement between parties. The addendum becomes an integral part of the original policy, requiring careful attention to both local insurance regulations and contract law principles.

What sections should be included in a Insurance Addendum?

1. Parties: Identification of the insurer and insured parties

2. Background: Context of the original insurance policy and reason for addendum

3. Definitions: Key terms used in the addendum

4. Scope of Amendment: Specific changes being made to the original policy

5. Effective Date: When the amendments take effect

6. Original Policy Terms: Confirmation of which original policy terms remain in effect

What sections are optional to include in a Insurance Addendum?

1. Premium Adjustment: Used when amendments affect pricing - details changes to premium amounts or payment terms

2. Claims Procedures: Used when amendments affect claims handling - specifies modified claims processes

3. Disclosure Requirements: Used when amendments create new disclosure obligations - details additional disclosure requirements

What schedules should be included in a Insurance Addendum?

1. Schedule of Amendments: Detailed list of specific changes to policy terms

2. Revised Premium Schedule: Updated premium calculations and payment schedule

3. Original Policy Reference: Copy or reference to the original policy being amended

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






























Industries

Insurance Act (Chapter 142): Primary legislation that regulates insurance business in Singapore, sets out requirements for insurers and insurance intermediaries, and defines types of insurance business

Insurance (Intermediaries) Regulations: Subsidiary legislation that governs insurance agents and brokers and sets out conduct requirements

Contract Law (Chapter 53): Foundational legislation covering general contract law principles, formation and enforcement of contracts in Singapore

MAS Guidelines: Regulatory guidelines including Fair Dealing, Notice 118 on fit and proper criteria, and Notice 120 on disclosure requirements

Personal Data Protection Act (PDPA): Legislation governing data protection obligations and consent requirements for personal information handling

GIA Guidelines: General Insurance Association guidelines specific to the insurance industry in Singapore

LIA Guidelines: Life Insurance Association guidelines providing industry-specific requirements and best practices

SIBA Guidelines: Singapore Insurance Brokers Association guidelines for insurance brokers

Consumer Protection (Fair Trading) Act: Legislation protecting consumer interests in trading activities, including insurance contracts

Unfair Contract Terms Act: Legislation regulating unfair terms in contracts to protect consumers from unreasonable contract provisions

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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