The Buy And Sell Agreement (Insurance) is a crucial document used in Indonesian insurance transactions to formalize the relationship between insurance providers and their clients. This agreement is essential when establishing new insurance coverage or modifying existing policies, particularly in commercial insurance arrangements. The document must comply with Indonesian insurance regulations, including Law No. 40 of 2014 on Insurance and OJK regulations, while addressing specific requirements for premium payments, coverage terms, claims procedures, and risk management. It's particularly important for businesses seeking comprehensive insurance coverage and requires careful consideration of local regulatory requirements, market practices, and specific risk factors relevant to the Indonesian business environment.
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1. Parties: Identification of the insurer, insured, and any other relevant parties including their complete legal details
2. Background: Context of the agreement, including the purpose of the insurance coverage and relevant business relationship
3. Definitions: Detailed definitions of terms used throughout the agreement
4. Scope of Coverage: Detailed description of what is covered under the insurance policy
5. Premium and Payment Terms: Details of premium amounts, payment schedule, and payment methods
6. Duration and Renewal: Term of the agreement and conditions for renewal
7. Obligations of the Insurer: Responsibilities and commitments of the insurance provider
8. Obligations of the Insured: Responsibilities and commitments of the insured party
9. Claims Procedure: Process for filing and handling insurance claims
10. Exclusions: Specific circumstances or events not covered by the insurance
11. Termination: Conditions and procedures for terminating the agreement
12. Governing Law: Specification of Indonesian law as governing law and relevant jurisdictional matters
13. Dispute Resolution: Procedures for handling disputes between parties
14. Notices: Methods and addresses for official communications between parties
15. Execution: Signature blocks and execution requirements
1. Force Majeure: Include when specific force majeure provisions are needed beyond standard insurance exclusions
2. Confidentiality: Include when the agreement involves sensitive business information
3. Assignment: Include when transfer rights need to be specifically addressed
4. Insurance Premium Financing: Include when premium financing arrangements are part of the agreement
5. Broker/Agent Provisions: Include when insurance brokers or agents are involved in the arrangement
6. Electronic Communications: Include when digital communications and transactions are specifically permitted
7. Language Requirements: Include when the agreement needs to be in multiple languages (Indonesian and English)
1. Schedule A - Premium Schedule: Detailed breakdown of premium calculations and payment schedule
2. Schedule B - Coverage Details: Specific details of insurance coverage, limits, and sub-limits
3. Schedule C - Claims Documentation Requirements: List of required documents and procedures for claims
4. Schedule D - Excluded Events: Detailed list of exclusions and limitations
5. Appendix 1 - Risk Disclosure Statement: Mandatory risk disclosures as required by Indonesian regulations
6. Appendix 2 - Policy Terms and Conditions: Standard terms and conditions of the insurance policy
7. Appendix 3 - Contact Information: Contact details for claims, customer service, and emergency assistance
Relevant legal definitions
Clauses
Relevant Industries
Insurance
Financial Services
Banking
Manufacturing
Real Estate
Construction
Transportation
Healthcare
Retail
Energy
Agriculture
Mining
Technology
Relevant Teams
Legal
Finance
Risk Management
Compliance
Operations
Treasury
Insurance
Corporate Secretariat
Business Development
Claims Processing
Underwriting
Relevant Roles
Insurance Underwriter
Risk Manager
Chief Financial Officer
Legal Counsel
Compliance Officer
Insurance Broker
Claims Manager
Corporate Secretary
Finance Director
Operations Manager
Business Development Manager
Contract Administrator
Insurance Agent
Treasury Manager
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