The Temporary Insurance Agreement serves as an interim coverage solution when immediate protection is required before a permanent policy is established. This document, governed by Singapore law, includes essential elements such as coverage details, premium calculations, duration of coverage, and claims procedures. It ensures compliance with Singapore's Insurance Act and MAS regulations while providing temporary risk protection. The agreement is commonly used during policy transitions, urgent coverage needs, or specific short-term risks requiring immediate insurance protection.
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Key Requirements PROMPT example:
Temporary Insurance Agreement
"I need a Temporary Insurance Agreement to cover our construction project in Singapore for three months starting March 1, 2025, with specific provisions for heavy machinery and third-party liability coverage up to SGD 5 million."
1. Parties: Identification of insurer and insured parties, including registration numbers and addresses
2. Background: Context and purpose of the temporary insurance arrangement, including any relevant circumstances
3. Definitions: Key terms used throughout the agreement including insurance-specific terminology
4. Coverage Details: Scope and extent of insurance coverage, including limits and exclusions
5. Duration: Term of temporary coverage including precise start and end dates/times
6. Premium: Payment terms, premium calculation, and payment schedule
7. Claims Procedure: Process for filing and handling claims, including notification requirements
8. Termination: Conditions for early termination and associated procedures
1. Special Conditions: Additional terms specific to the risk being covered, used when particular risks require special treatment
2. Broker Provisions: Terms relating to broker involvement, including duties and commissions, used when insurance is arranged through a broker
3. Multi-currency Provisions: Terms for handling multiple currencies, used when coverage involves international elements
1. Schedule of Coverage: Detailed breakdown of coverage items, limits, and sublimits
2. Premium Calculation Schedule: Detailed methodology for premium calculation including any adjustments
3. Claims Documentation Requirements: Comprehensive list of required documents and procedures for claims processing
4. Risk Disclosure Statement: Mandatory risk disclosures as required by MAS guidelines
Authors
Relevant legal definitions
Agreement
Applicable Law
Broker
Business Day
Claim
Commencement Date
Coverage Period
Covered Risks
Effective Date
Expiry Date
Force Majeure Event
Insured
Insured Event
Insurer
Loss
MAS
Material Change
Notice
Parties
Personal Data
Policy Schedule
Premium
Risk
Singapore Dollars
Sum Insured
Term
Territory
Underwriter
Applicable Law
Broker
Business Day
Claim
Commencement Date
Coverage Period
Covered Risks
Effective Date
Expiry Date
Force Majeure Event
Insured
Insured Event
Insurer
Loss
MAS
Material Change
Notice
Parties
Personal Data
Policy Schedule
Premium
Risk
Singapore Dollars
Sum Insured
Term
Territory
Underwriter
Clauses
Coverage and Scope
Premium Payment
Duration and Termination
Claims Procedure
Exclusions
Obligations of the Insured
Obligations of the Insurer
Representations and Warranties
Cancellation Rights
Notice Requirements
Confidentiality
Data Protection
Force Majeure
Governing Law
Dispute Resolution
Assignment
Amendments
Severability
Entire Agreement
Premium Refund
Claims Cooperation
Risk Mitigation
Subrogation
Indemnification
Compliance with Laws
Record Keeping
Broker Provisions
Currency and Payment
Premium Payment
Duration and Termination
Claims Procedure
Exclusions
Obligations of the Insured
Obligations of the Insurer
Representations and Warranties
Cancellation Rights
Notice Requirements
Confidentiality
Data Protection
Force Majeure
Governing Law
Dispute Resolution
Assignment
Amendments
Severability
Entire Agreement
Premium Refund
Claims Cooperation
Risk Mitigation
Subrogation
Indemnification
Compliance with Laws
Record Keeping
Broker Provisions
Currency and Payment
Relevant Industries
Relevant Teams
Relevant Roles
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