Liability Insurance Agreement Template for Philippines

The Liability Insurance Agreement serves as a critical risk management tool for businesses operating in the Philippines, providing protection against various types of liability claims. This document is essential when organizations seek to transfer their risk of legal liability to an insurance provider, structuring the relationship between the insurer and the insured while ensuring compliance with Philippine insurance regulations. The agreement typically covers various aspects such as public liability, product liability, or professional liability, depending on the specific needs of the insured. It is designed to align with the requirements of the Insurance Code of the Philippines and related regulations, incorporating mandatory provisions while allowing for customization based on specific risk profiles and coverage needs. The document becomes particularly important in today's litigious business environment, where organizations need robust protection against potential claims and lawsuits.

1. Parties: Identification of the insurer and the insured, including complete legal names, addresses, and registration details

2. Background: Context of the insurance arrangement and brief description of the insured's business activities

3. Definitions: Detailed definitions of key terms used throughout the agreement, including specific liability-related terminology

4. Scope of Coverage: Detailed description of the types of liability covered under the policy

5. Policy Period: Duration of coverage, including start and end dates, and renewal terms

6. Premium Payment: Premium amount, payment schedule, and consequences of non-payment

7. Limits of Liability: Maximum coverage amounts for different types of claims and aggregate limits

8. Exclusions: Specific situations, activities, or types of liability not covered by the policy

9. Claims Procedure: Process for notifying and filing claims, including time limits and required documentation

10. Insured's Obligations: Duties of the insured regarding risk management, notification of changes, and cooperation in claims

11. Termination: Conditions and procedures for policy termination by either party

12. Governing Law: Specification of Philippine law as governing law and jurisdiction

13. Dispute Resolution: Procedures for resolving disputes, including mediation and arbitration provisions