Policy Limit Demand for Singapore

Policy Limit Demand Template for Singapore

A Policy Limit Demand is a formal document used in Singapore's insurance context to request the maximum amount available under an insurance policy. It follows Singapore insurance law and MAS regulations, presenting a comprehensive claim with supporting evidence and demanding settlement up to the policy's limits. The document must comply with Singapore's Insurance Act and related legislation, while adhering to strict timelines under the Limitation Act.

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What is a Policy Limit Demand?

A Policy Limit Demand is utilized when a claimant believes their damages meet or exceed the maximum coverage available under an insurance policy in Singapore. This document serves as a formal request for the full policy limits, typically used in serious injury cases or significant property damage claims. The demand must comply with Singapore's Insurance Act and MAS guidelines, including detailed documentation of damages, medical records, and other supporting evidence. It represents a critical step in insurance claim negotiations and often precedes potential litigation if a settlement cannot be reached.

What sections should be included in a Policy Limit Demand?

1. Claim Information: Details of the incident, injury, or loss including date, location, and circumstances

2. Policy Information: Insurance policy number, type, coverage details, and relevant policy provisions

3. Damages Description: Comprehensive breakdown of all damages being claimed with supporting calculations

4. Demand Statement: Clear statement of the demand amount up to policy limits with justification

5. Response Requirements: Specified timeline and method for insurer's response to the demand

What sections are optional to include in a Policy Limit Demand?

1. Settlement History: Summary of previous settlement attempts and negotiations when prior discussions have occurred

2. Third Party Claims: Information about other involved parties and their claims when multiple parties are involved

3. Bad Faith Warning: Notice of potential bad faith claim when insurer has demonstrated unreasonable delay or denial

What schedules should be included in a Policy Limit Demand?

1. Schedule A - Medical Records: Comprehensive medical documentation supporting injury claims

2. Schedule B - Expert Reports: Professional evaluations and expert opinions supporting claim valuation

3. Schedule C - Damage Documentation: Compilation of bills, receipts, estimates, and proof of losses

4. Schedule D - Correspondence Log: Chronological record of all relevant communications with the insurer

5. Schedule E - Policy Documentation: Copies of relevant insurance policy documents and endorsements

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

Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Demand Letter

Cost

Free to use
Industries

Insurance Act 1966: Primary legislation regulating insurance business in Singapore, establishing requirements for insurance contracts and defining rights and obligations of insurers and insured parties

Civil Law Act (Cap. 43): Fundamental legislation governing contract law principles, addressing issues of consideration and contractual obligations, particularly relevant for policy interpretation

Limitation Act (Cap. 163): Sets statutory time limits for bringing claims, typically 6 years for contractual claims, crucial for determining deadlines for making demands

Personal Data Protection Act 2012 (PDPA): Regulates the collection, use, and disclosure of personal data in insurance claims and related processes

MAS Guidelines: Monetary Authority of Singapore guidelines covering fair dealing, standards for insurance business conduct, and requirements for claims handling

Consumer Protection (Fair Trading) Act: Protects consumer interests in insurance transactions and provides safeguards against unfair practices, particularly relevant for individual policy holders

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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