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.
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Key Requirements PROMPT example:
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."
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
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
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
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