Insurance Agreement Template

This insurance agreement template has 4 pages and is a MS Word file type listed under our finance & accounting documents.

Sample of our insurance agreement template:

INSURANCE AGREEMENT This Insurance Agreement (the "Agreement") is effective [DATE], BETWEEN: [NAME OF THE INSURER], (the "Insurer") a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE] with its head office located at: [YOUR COMPLETE ADDRESS] AND: [CLIENT'S FULL NAME], (the "Client") which expression shall, unless repugnant to the meaning or context hereof, be deemed to include all permitted successors and assigns) residing at: [YOUR COMPLETE ADDRESS] WHEREAS, the Insurer is in the business of providing Insurance for [TYPE OF INSURANCE]; WHEREAS, the Client is willing to opt for the services offered by the Insurer; WHEREAS, both Parties wish to evidence their contract in writing. NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: SERVICE COVERAGE The Insurer agrees to provide Insurance coverage for the Client's business and Properties identified in this Agreement. Following the assessment made by the Insurer, the Properties shall be insured for a total amount of [SPECIFY AMOUNT]. The Properties covered are as follows: [DEFINE THE PROPERTIES COVERED BY THE INSURANCE] TERM OF THE AGREEMENT The Agreement shall come into force on the Effective Date of the Agreement and shall continue to be in force until [DATE OF TERMINATION]. PREMIUM AND PERIOD OF PAYMENT The Client agrees to pay the Insurer an Insurance Premium amount of [SPECIFY AMOUNT]. The Client shall pay the Premium in monthly installments of [SPECIFY MONTHLY INSTALMENT] on every [SPECIFY DAY OF PAYMENT] day of the month until full payment of the Premium is received. The payment shall be made via [SPECIFY MODE OF PAYMENT]. EXCLUSIONS This Insurance Agreement does not cover the following: Loss or damage due to improper use of the Insured Properties, whether owned by the Client or not; Loss or damage caused by acts of negligence; Loss or damage caused by explosive or flammable materials or substances stored in the Insured Properties; Loss or damage resulting from material misrepresentation upon or during the assessment by the Insurer. PRECAUTIONS The Client agrees to take reasonable precautions and utmost care over the Properties insured to prevent damage, loss, or destruction of the Properties covered by this Agreement. UNDERINSURANCE In the event that the loss or damage to the Insured Properties is greater than the insurable amount in this Agreement, the Client agrees to bear the excess of the cost of the value of the Properties or damage. INFORMATION PROVIDED BY THE CLIENT The Client warrants that all the information provided by it, and any future claim made by it for the Insured Properties, shall be accurate and true. If the Insurer finds out that the claim or any information provided by the Client is false and fabricated, the Insurer can terminate the Agreement and take appropriate action against the Client for the same. The Parties shall follow the terms of the Agreement in good faith and shall not act to deceive each other. PROCEDURE FOR MAKING A CLAIM In order to make a claim for the Insured Properties, the Client shall submit an application to the Insurer, along with all the evidentiary support of the claim.