The Deductible Indemnity Agreement is commonly used in Singapore when parties need to establish clear parameters for risk allocation while maintaining a deductible threshold for claims. This document is particularly relevant in situations involving significant operational risks, insurance arrangements, or complex commercial relationships. It provides detailed mechanisms for calculating deductibles, processing claims, and determining coverage limits, all within Singapore's legal framework. The agreement helps parties manage their risk exposure while ensuring compliance with local regulatory requirements.
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1. Parties: Identification and details of the indemnifier and indemnitee
2. Background: Context and purpose of the indemnity arrangement
3. Definitions: Key terms used throughout the agreement
4. Scope of Indemnity: Specific losses, claims, and circumstances covered
5. Deductible Amount: Specification of the deductible amount and calculation method
6. Claims Process: Procedure for making and handling indemnity claims
7. Duration: Term of the agreement and survival provisions
1. Insurance Requirements: Optional section specifying insurance obligations when parties need to maintain specific insurance coverage
2. Security Provisions: Optional section detailing additional security for indemnity obligations when additional financial security is required
3. Subrogation Rights: Optional section covering rights to pursue third parties when recovery from third parties might be relevant
1. Schedule of Covered Events: Detailed list of circumstances triggering indemnity
2. Deductible Calculation Schedule: Detailed methodology for calculating deductible amounts
3. Claims Procedure: Detailed process flow for claims handling
4. Insurance Certificates: Copies of relevant insurance policies and certificates
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