The Agreement Of (Insurance) is a fundamental document in Indonesian insurance practice, used to establish and formalize the insurance relationship between the insurer and the policyholder. It is governed by Indonesian law, particularly Law No. 40 of 2014 on Insurance and various OJK regulations, which provide the regulatory framework for insurance business in Indonesia. This agreement type is essential for documenting the scope of insurance coverage, premium obligations, claims procedures, and rights and obligations of both parties. It can be adapted for various insurance products including life, general, property, or liability insurance, and can be structured for either conventional or Sharia-compliant insurance products. The document is crucial for risk management and compliance purposes, incorporating consumer protection requirements and industry-specific regulations.
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1. Parties: Identification of the insurance provider and the insured party/policyholder
2. Background: Context of the agreement and brief description of the insurance arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Scope of Coverage: Detailed description of what is covered under the insurance policy
5. Premium and Payment Terms: Premium amount, payment schedule, and payment methods
6. Duration and Renewal: Policy period, commencement date, and renewal terms
7. Exclusions: Specific circumstances or events not covered by the insurance
8. Claims Procedure: Process for making claims, required documentation, and timeframes
9. Rights and Obligations: Detailed rights and obligations of both the insurer and the insured
10. Termination: Conditions and procedures for termination of the policy
11. Dispute Resolution: Procedures for handling disputes and applicable jurisdiction
12. Notices: Methods and addresses for official communications between parties
13. Governing Law: Specification of Indonesian law as the governing law
1. Reinsurance Arrangements: Details of reinsurance coverage if applicable to the policy
2. Additional Services: Any supplementary services provided with the insurance coverage
3. Premium Adjustment: Conditions and procedures for premium adjustments based on risk changes
4. Specific Conditions: Special conditions applicable to particular types of coverage
5. Warranties and Representations: Specific declarations required for certain types of insurance
6. Subrogation Rights: Details of the insurer's right to pursue third parties
7. Force Majeure: Provisions for extraordinary events affecting policy implementation
8. Compliance with Sharia Principles: Required for Sharia-compliant insurance products
1. Schedule A - Coverage Details: Detailed description of insurance coverage, limits, and sub-limits
2. Schedule B - Premium Calculation: Detailed breakdown of premium calculation and factors
3. Schedule C - Claims Documentation: List of required documents for different types of claims
4. Schedule D - Property Schedule: Detailed list of insured property/assets (for property insurance)
5. Schedule E - Excluded Events: Comprehensive list of excluded events and circumstances
6. Appendix 1 - Policy Terms and Conditions: Standard terms and conditions applicable to the policy
7. Appendix 2 - Claim Forms: Standard forms for submitting insurance claims
8. Appendix 3 - Risk Assessment Report: Initial risk assessment details and recommendations
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