Insurance Waiver Template for Indonesia

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Key Requirements PROMPT example:

Insurance Waiver

"I need an Insurance Waiver for my manufacturing company in Jakarta to opt out of specific machinery breakdown coverage for our newly imported equipment, effective from March 1, 2025, while maintaining our general liability coverage."

Document background

This Insurance Waiver document is essential in situations where parties need to formally relinquish specific insurance rights or coverage under Indonesian law. It is commonly used in various scenarios including policy modifications, claim settlements, or when certain risks are voluntarily assumed by the insured party. The document must comply with Law No. 40 of 2014 on Insurance and related OJK regulations, ensuring all necessary disclosures and acknowledgments are properly documented. It includes detailed information about the rights being waived, associated risks, and confirmations of voluntary participation. The waiver serves as a critical risk management tool while providing legal protection for all parties involved within the Indonesian legal framework.

Suggested Sections

1. Parties: Identification of all parties involved - the waiver provider (typically insurance company) and the waiver recipient

2. Background: Context of the waiver, including reference to the original insurance policy or coverage being waived

3. Definitions: Key terms used in the waiver document, ensuring clarity and preventing misinterpretation

4. Scope of Waiver: Detailed description of what rights, claims, or benefits are being waived

5. Acknowledgment of Understanding: Statement confirming that the waiver recipient understands the implications of signing the waiver

6. Voluntary Nature of Waiver: Confirmation that the waiver is being signed voluntarily and without coercion

7. Governing Law: Specification that the waiver is governed by Indonesian law and relevant regulations

8. Execution: Signature blocks and execution requirements

Optional Sections

1. Consideration: Details of any payment or consideration provided in exchange for the waiver, if applicable

2. Duration of Waiver: Specific time period for which the waiver is valid, if not permanent

3. Partial Waiver Provisions: Used when only specific aspects of insurance coverage are being waived rather than complete coverage

4. Third Party Rights: Inclusion when the waiver affects rights of third parties or beneficiaries

5. Dispute Resolution: Specific dispute resolution procedures, if different from standard legal proceedings

6. Language Provision: Required when the waiver is prepared in multiple languages, establishing which version prevails

Suggested Schedules

1. Schedule A - Original Insurance Policy: Copy or details of the insurance policy being waived

2. Schedule B - Risk Disclosure: Detailed disclosure of risks associated with waiving insurance coverage

3. Schedule C - Supporting Documents: Any relevant documentation supporting the waiver (e.g., medical reports, accident reports)

4. Appendix 1 - Regulatory Compliance Checklist: Checklist confirming compliance with Indonesian insurance regulations

5. Appendix 2 - Witness Statements: If required, statements from witnesses confirming the voluntary nature of the waiver

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

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Insurance

Banking & Financial Services

Healthcare

Construction

Manufacturing

Transportation & Logistics

Real Estate

Sports & Recreation

Education

Hospitality

Maritime

Aviation

Relevant Teams

Legal

Risk Management

Compliance

Insurance Operations

Claims Processing

Underwriting

Corporate Governance

Policy Administration

Customer Relations

Document Management

Relevant Roles

Risk Manager

Insurance Underwriter

Compliance Officer

Legal Counsel

Claims Manager

Insurance Broker

Corporate Secretary

Chief Risk Officer

Operations Manager

Safety Officer

Contract Administrator

Policy Administrator

Insurance Agent

Legal Director

Risk Assessment Officer

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