Insurance And Indemnification Agreement Template for Indonesia

This Insurance and Indemnification Agreement is designed to establish and regulate insurance coverage and indemnification obligations in accordance with Indonesian law. The document addresses the growing need for comprehensive risk management solutions in Indonesia's business environment, ensuring compliance with Law No. 40 of 2014 on Insurance, OJK regulations, and the Indonesian Civil Code. It provides a framework for insurance coverage, claims procedures, and risk allocation while protecting the interests of both insurers and insured parties under Indonesian jurisdiction. The agreement is structured to accommodate various business sectors while maintaining compliance with Indonesian insurance regulations and financial services authority requirements.

1. Parties: Identifies the parties to the agreement, including the insurer, insured party, and any additional named insureds

2. Background: Sets out the context and purpose of the insurance and indemnification arrangement

3. Definitions: Defines key terms used throughout the agreement, including specific insurance and indemnification terminology

4. Scope of Insurance Coverage: Details the specific risks, activities, or assets covered by the insurance

5. Insurance Obligations: Specifies the obligations to maintain insurance, including types of coverage, minimum limits, and duration

6. Indemnification Provisions: Details the scope of indemnification, including triggers, exclusions, and procedures

7. Premium and Payment Terms: Specifies insurance premium amounts, payment schedule, and consequences of non-payment

8. Claims Procedures: Outlines the process for making claims, including notification requirements and documentation

9. Subrogation Rights: Addresses the insurer's rights to pursue third parties after paying a claim

10. Duration and Renewal: Specifies the term of the agreement and conditions for renewal

11. Termination: Sets out circumstances and procedures for terminating the agreement

12. Governing Law and Dispute Resolution: Specifies Indonesian law as governing law and outlines dispute resolution procedures

13. Notices: Specifies how formal notices should be given between parties

14. General Provisions: Includes standard contractual provisions such as amendments, assignment, and severability