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Service Contract Liability (Insurance)
"I need a Service Contract Liability Insurance agreement for my IT consulting firm based in Bangalore, covering software development and cloud services, with specific coverage for data breaches and intellectual property disputes, to be effective from March 1, 2025."
1. Parties: Identification of the insurer and the insured service provider
2. Background: Context of the insurance arrangement and brief description of the service provider's business
3. Definitions: Detailed definitions of key terms used throughout the policy
4. Scope of Coverage: Detailed description of what services and liabilities are covered under the policy
5. Exclusions: Specific circumstances and situations where coverage will not apply
6. Policy Period: Duration of coverage, including start and end dates
7. Premium Payment Terms: Details of premium amount, payment schedule, and consequences of non-payment
8. Claims Procedure: Step-by-step process for filing and handling claims
9. Obligations of the Insured: Duties and responsibilities of the service provider
10. Policy Limits and Deductibles: Financial limits of coverage and applicable deductibles
11. Cancellation and Renewal: Terms and conditions for policy cancellation and renewal
12. Dispute Resolution: Procedures for handling disputes, including jurisdiction and applicable law
13. General Terms and Conditions: Standard policy conditions and compliance requirements
1. Territory Extension: Optional coverage for services provided outside standard territorial limits
2. Additional Insured: Section for including additional parties under the coverage
3. Professional Indemnity Extension: Extended coverage for professional services if applicable
4. Cyber Liability Coverage: Optional coverage for digital services and cyber risks
5. Product Liability Extension: Coverage for products associated with services
6. Environmental Liability: Coverage for environmental damage from services
7. Retroactive Coverage: Coverage for claims arising from services provided before policy inception
1. Schedule A - Service Description: Detailed description of covered services
2. Schedule B - Premium Calculation: Breakdown of premium calculation and payment schedule
3. Schedule C - Coverage Limits: Detailed breakdown of coverage limits for different types of claims
4. Schedule D - Claims History: Record of previous claims if applicable
5. Appendix 1 - Risk Assessment: Detailed risk assessment of the service provider's operations
6. Appendix 2 - Service Quality Standards: Minimum service quality standards required for coverage
7. Appendix 3 - Claim Forms: Standard forms and documentation required for claims
8. Appendix 4 - Compliance Certificates: Required regulatory and compliance certificates
Authors
Information Technology
Professional Services
Healthcare Services
Consulting
Engineering Services
Financial Services
Educational Services
Facilities Management
Telecommunications
Transportation Services
Hospitality Services
Environmental Services
Legal
Risk Management
Compliance
Operations
Finance
Insurance
Procurement
Quality Assurance
Contract Administration
Claims Processing
Business Development
Risk Manager
Compliance Officer
Legal Counsel
Insurance Manager
Operations Director
Contract Manager
Chief Financial Officer
Chief Risk Officer
Business Development Manager
Service Delivery Manager
Quality Assurance Manager
Claims Manager
Procurement Manager
Company Secretary
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