The Deductible Indemnity Agreement serves as a critical risk management tool in the U.S. insurance market, particularly for businesses with large deductible insurance programs. This contract type is essential when companies opt for higher deductibles to reduce premium costs but need to provide their insurers with security for deductible obligations. The agreement typically includes specific payment terms, security requirements, and compliance measures aligned with state insurance regulations and federal requirements. It's commonly used in conjunction with workers' compensation, general liability, and auto liability insurance programs.
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1. Parties: Identifies all parties to the agreement, including their legal names and addresses
2. Background/Recitals: Explains the context and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Deductible Obligations: Specifies the deductible amount and payment obligations
5. Indemnification Provisions: Details the scope and nature of indemnification
6. Payment Terms: Outlines payment procedures, timing, and methods
7. Term and Termination: Specifies duration and termination conditions
1. Security Requirements: Details any collateral or security requirements for guaranteeing the deductible obligation
2. Claims Procedures: Outlines specific process for submitting and handling claims
3. Dispute Resolution: Specifies arbitration or mediation procedures for resolving disputes
4. Insurance Requirements: Details required insurance coverage and maintenance requirements
1. Schedule A - Deductible Amounts: Details of specific deductible amounts and applicable policies
2. Schedule B - Payment Schedule: Detailed payment terms and timeline
3. Schedule C - Claims Procedures: Detailed procedures for handling claims
4. Appendix 1 - Forms: Standard forms for claims submission and processing
5. Appendix 2 - Security Documentation: Documentation related to any security arrangements
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