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Insurance Long Term Agreement Template for Ireland

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Key Requirements PROMPT example:

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."

Document background
The Insurance Long Term Agreement is designed for situations requiring extended insurance coverage periods, typically exceeding one year, under Irish jurisdiction. This document is particularly suitable for businesses seeking stable, long-term insurance arrangements with predetermined terms and conditions. It incorporates essential elements required by Irish insurance law, including consumer protection provisions, regulatory compliance requirements, and risk management protocols. The agreement provides certainty in premium pricing, coverage terms, and renewal conditions, while allowing for necessary adjustments based on risk profiles and market conditions. It's commonly used in complex commercial insurance arrangements, property portfolios, and ongoing business operations requiring consistent insurance coverage.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Alex Denne

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

Relevant legal definitions












































Clauses









































Relevant Industries

Financial Services

Insurance

Banking

Manufacturing

Real Estate

Construction

Healthcare

Retail

Technology

Transportation

Energy

Agriculture

Professional Services

Education

Hospitality

Relevant Teams

Legal

Risk Management

Finance

Compliance

Operations

Procurement

Insurance

Treasury

Claims

Underwriting

Corporate Governance

Facilities Management

Relevant Roles

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

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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