Buy And Sell Agreement (Insurance) Template for Indonesia

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Key Requirements PROMPT example:

Buy And Sell Agreement (Insurance)

"I need a Buy and Sell Agreement (Insurance) for my manufacturing company in Jakarta, Indonesia, covering machinery and equipment worth 5 billion rupiah, with specific provisions for natural disaster coverage and quarterly premium payments starting March 2025."

Document background

The Buy And Sell Agreement (Insurance) is a crucial document used in Indonesian insurance transactions to formalize the relationship between insurance providers and their clients. This agreement is essential when establishing new insurance coverage or modifying existing policies, particularly in commercial insurance arrangements. The document must comply with Indonesian insurance regulations, including Law No. 40 of 2014 on Insurance and OJK regulations, while addressing specific requirements for premium payments, coverage terms, claims procedures, and risk management. It's particularly important for businesses seeking comprehensive insurance coverage and requires careful consideration of local regulatory requirements, market practices, and specific risk factors relevant to the Indonesian business environment.

Suggested Sections

1. Parties: Identification of the insurer, insured, and any other relevant parties including their complete legal details

2. Background: Context of the agreement, including the purpose of the insurance coverage and relevant business relationship

3. Definitions: Detailed definitions of terms used throughout the agreement

4. Scope of Coverage: Detailed description of what is covered under the insurance policy

5. Premium and Payment Terms: Details of premium amounts, payment schedule, and payment methods

6. Duration and Renewal: Term of the agreement and conditions for renewal

7. Obligations of the Insurer: Responsibilities and commitments of the insurance provider

8. Obligations of the Insured: Responsibilities and commitments of the insured party

9. Claims Procedure: Process for filing and handling insurance claims

10. Exclusions: Specific circumstances or events not covered by the insurance

11. Termination: Conditions and procedures for terminating the agreement

12. Governing Law: Specification of Indonesian law as governing law and relevant jurisdictional matters

13. Dispute Resolution: Procedures for handling disputes between parties

14. Notices: Methods and addresses for official communications between parties

15. Execution: Signature blocks and execution requirements

Optional Sections

1. Force Majeure: Include when specific force majeure provisions are needed beyond standard insurance exclusions

2. Confidentiality: Include when the agreement involves sensitive business information

3. Assignment: Include when transfer rights need to be specifically addressed

4. Insurance Premium Financing: Include when premium financing arrangements are part of the agreement

5. Broker/Agent Provisions: Include when insurance brokers or agents are involved in the arrangement

6. Electronic Communications: Include when digital communications and transactions are specifically permitted

7. Language Requirements: Include when the agreement needs to be in multiple languages (Indonesian and English)

Suggested Schedules

1. Schedule A - Premium Schedule: Detailed breakdown of premium calculations and payment schedule

2. Schedule B - Coverage Details: Specific details of insurance coverage, limits, and sub-limits

3. Schedule C - Claims Documentation Requirements: List of required documents and procedures for claims

4. Schedule D - Excluded Events: Detailed list of exclusions and limitations

5. Appendix 1 - Risk Disclosure Statement: Mandatory risk disclosures as required by Indonesian regulations

6. Appendix 2 - Policy Terms and Conditions: Standard terms and conditions of the insurance policy

7. Appendix 3 - Contact Information: Contact details for claims, customer service, and emergency assistance

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Insurance

Financial Services

Banking

Manufacturing

Real Estate

Construction

Transportation

Healthcare

Retail

Energy

Agriculture

Mining

Technology

Relevant Teams

Legal

Finance

Risk Management

Compliance

Operations

Treasury

Insurance

Corporate Secretariat

Business Development

Claims Processing

Underwriting

Relevant Roles

Insurance Underwriter

Risk Manager

Chief Financial Officer

Legal Counsel

Compliance Officer

Insurance Broker

Claims Manager

Corporate Secretary

Finance Director

Operations Manager

Business Development Manager

Contract Administrator

Insurance Agent

Treasury Manager

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Let's create your Buy And Sell Agreement (Insurance)

Authors

Alex Denne

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