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Insurance Long Term Agreement
"I need an Insurance Long Term Agreement for a multi-site manufacturing company operating across Ireland and the UK, with specific coverage for machinery breakdown and business interruption, starting from March 2025, with a minimum five-year commitment period."
1. Parties: Identifies the insurer and the policyholder with full legal names and addresses
2. Background: Sets out the context of the agreement and the intention to enter into a long-term insurance arrangement
3. Definitions: Defines key terms used throughout the agreement, including insurance-specific terminology
4. Scope of Coverage: Details the specific risks, events, or circumstances covered by the insurance
5. Premium Payment Terms: Specifies premium amounts, payment schedule, and consequences of non-payment
6. Duration and Renewal: Sets out the initial term and conditions for renewal of the agreement
7. Claims Procedure: Outlines the process for making claims, including notification requirements and timeframes
8. Exclusions: Lists circumstances and events explicitly excluded from coverage
9. Obligations of the Insured: Details the policyholder's duties including disclosure obligations and risk mitigation requirements
10. Insurer's Rights and Obligations: Specifies the insurer's responsibilities and rights under the agreement
11. Termination: Sets out circumstances and procedures for ending the agreement
12. Dispute Resolution: Establishes procedures for handling disputes between parties
13. Governing Law and Jurisdiction: Confirms Irish law as governing law and specifies jurisdictional arrangements
14. Data Protection: Addresses GDPR compliance and data handling procedures
15. General Provisions: Contains standard contractual provisions including notices, amendments, and severability
1. Broker Provisions: Include when insurance is arranged through a broker, detailing the broker's role and responsibilities
2. Group Coverage Extensions: Include when insurance covers group members or affiliates beyond the primary policyholder
3. International Coverage: Include when insurance coverage extends beyond Ireland to other jurisdictions
4. Premium Adjustment Mechanism: Include when premiums may be adjusted based on claims history or other factors
5. Reinsurance Provisions: Include when specific reinsurance arrangements affect the policy terms
6. Sanctions Clause: Include when dealing with international coverage or parties potentially subject to sanctions
7. Special Cancellation Rights: Include when offering enhanced cancellation rights beyond statutory requirements
1. Schedule 1 - Premium Schedule: Detailed breakdown of premium calculations and payment schedule
2. Schedule 2 - Coverage Details: Specific limits, sub-limits, and coverage conditions for each insured risk
3. Schedule 3 - Claims Documentation Requirements: List of required documentation and evidence for different types of claims
4. Schedule 4 - Risk Management Requirements: Detailed risk management and loss prevention requirements
5. Appendix A - Definitions of Insured Events: Detailed definitions and examples of events covered under the policy
6. Appendix B - Excluded Risks: Comprehensive list and descriptions of excluded risks and circumstances
7. Appendix C - Claims Forms: Standard forms and templates for claims submission
8. Appendix D - Policy Territory: Detailed description of geographical coverage limits and jurisdictions
Authors
Financial Services
Insurance
Banking
Manufacturing
Real Estate
Construction
Healthcare
Retail
Technology
Transportation
Energy
Agriculture
Professional Services
Education
Hospitality
Legal
Risk Management
Finance
Compliance
Operations
Procurement
Insurance
Treasury
Claims
Underwriting
Corporate Governance
Facilities Management
Risk Manager
Insurance Manager
Chief Financial Officer
Legal Counsel
Compliance Officer
Operations Director
Facilities Manager
Treasury Manager
Contract Manager
Claims Manager
Underwriting Manager
Finance Director
Company Secretary
Risk Assessment Officer
Insurance Broker
Corporate Counsel
Procurement Manager
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