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Temporary Insurance Agreement
"I need a Temporary Insurance Agreement to cover our construction project in Singapore for three months starting March 1, 2025, with specific provisions for heavy machinery and third-party liability coverage up to SGD 5 million."
1. Parties: Identification of insurer and insured parties, including registration numbers and addresses
2. Background: Context and purpose of the temporary insurance arrangement, including any relevant circumstances
3. Definitions: Key terms used throughout the agreement including insurance-specific terminology
4. Coverage Details: Scope and extent of insurance coverage, including limits and exclusions
5. Duration: Term of temporary coverage including precise start and end dates/times
6. Premium: Payment terms, premium calculation, and payment schedule
7. Claims Procedure: Process for filing and handling claims, including notification requirements
8. Termination: Conditions for early termination and associated procedures
1. Special Conditions: Additional terms specific to the risk being covered, used when particular risks require special treatment
2. Broker Provisions: Terms relating to broker involvement, including duties and commissions, used when insurance is arranged through a broker
3. Multi-currency Provisions: Terms for handling multiple currencies, used when coverage involves international elements
1. Schedule of Coverage: Detailed breakdown of coverage items, limits, and sublimits
2. Premium Calculation Schedule: Detailed methodology for premium calculation including any adjustments
3. Claims Documentation Requirements: Comprehensive list of required documents and procedures for claims processing
4. Risk Disclosure Statement: Mandatory risk disclosures as required by MAS guidelines
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