An Insurance Addendum is essential when parties need to modify an existing insurance contract without creating an entirely new agreement. Under Swiss law, this document type is commonly used to implement changes in coverage, adjust premiums, update terms and conditions, or respond to regulatory requirements. The addendum must comply with the Swiss Insurance Contract Act (VVG/LCA) and be approved by both the insurer and policyholder. It typically includes details of the original policy, specific modifications, effective dates, and any premium adjustments. This document is particularly important in Switzerland's highly regulated insurance market, where contract modifications must meet strict legal and regulatory requirements while maintaining transparency for all parties involved.
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1. Parties: Identification of the insurer and the policyholder, including full legal names and addresses
2. Background: Reference to the original insurance contract, including date, policy number, and reason for modification
3. Definitions: Key terms used in the addendum, particularly any new terms not defined in the original contract
4. Scope of Modification: Clear statement of what aspects of the original contract are being modified
5. Effective Date: Specification of when the modifications take effect
6. Modified Terms: Detailed description of the new or amended terms
7. Premium Adjustment: Any changes to premium amounts or payment terms
8. Confirmation of Other Terms: Statement that all other terms of the original contract remain unchanged
9. Governing Law: Confirmation of Swiss law application
10. Signatures: Execution block for all parties
1. Claims Procedure Modifications: Include when changes affect the claims process
2. Regulatory Compliance Statement: Include when modifications are driven by regulatory changes
3. Risk Assessment Update: Include when modification involves changed risk factors
4. Broker/Intermediary Details: Include when a broker or intermediary is involved in the modification
5. Cancellation Rights: Include when modification affects cancellation terms
6. Dispute Resolution: Include when changing dispute resolution procedures
7. Transition Provisions: Include when implementation of changes requires a transition period
1. Schedule of Modified Coverage: Detailed breakdown of coverage changes, including limits and deductibles
2. Premium Calculation Schedule: Mathematical calculation of adjusted premiums
3. Risk Assessment Report: Updated risk assessment details if coverage or terms are significantly modified
4. Regulatory Compliance Checklist: Checklist confirming compliance with relevant Swiss insurance regulations
5. Document Checklist: List of all documents that form part of the modified insurance contract
6. Claims History: Relevant claims history affecting the modification, if applicable
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