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Agreement Of Loss (Insurance)
"I need an Agreement of Loss (Insurance) for a PHP 2.5M property damage claim resulting from the January 15, 2025 earthquake in Manila, with specific provisions for partial payment release and contractor repair arrangements."
1. Parties: Identification of the insurer and the insured party, including complete legal names and addresses
2. Background: Context of the insurance policy, including policy number, type of coverage, and date of issuance
3. Definitions: Key terms used in the agreement, including technical insurance terms and specific references to the loss event
4. Details of Loss: Comprehensive description of the loss event, including date, time, location, and circumstances
5. Claim Amount: Detailed breakdown of the claimed amount and any applicable deductions or adjustments
6. Settlement Terms: Agreed terms of settlement, including payment amount, method, and timeline
7. Release and Discharge: Terms releasing the insurer from further liability related to the claimed loss
8. Representations and Warranties: Statements by the insured regarding the truthfulness of claim information
9. Governing Law: Specification that the agreement is governed by Philippine law and Insurance Commission regulations
10. Execution: Signature blocks and execution requirements for all parties
1. Subrogation Rights: Section detailing the insurer's right to pursue third parties responsible for the loss, used when there's potential third-party liability
2. Partial Settlement: Terms for cases where only part of the claim is being settled, with provisions for remaining portions
3. Confidentiality: Provisions for maintaining confidentiality of settlement terms, used in sensitive or high-value claims
4. Dispute Resolution: Alternative dispute resolution procedures, included when specifically requested or in complex cases
5. Salvage Rights: Terms regarding the disposition of damaged property, used when there's recoverable value in damaged items
6. Multiple Beneficiaries: Additional provisions when multiple parties have interest in the claim settlement
1. Schedule A - Loss Assessment Report: Detailed assessment of losses by adjusters or evaluators
2. Schedule B - Supporting Documentation: List of all supporting documents provided to validate the claim
3. Schedule C - Payment Schedule: If applicable, breakdown of payment installments and timing
4. Schedule D - Inventory of Damaged Items: Detailed list of damaged property with values and depreciation calculations
5. Appendix 1 - Photographs and Evidence: Visual documentation of damage and supporting evidence
6. Appendix 2 - Expert Reports: Technical reports from relevant experts assessing the loss
7. Appendix 3 - Original Policy Extract: Relevant excerpts from the original insurance policy
Authors
Insurance
Banking and Financial Services
Real Estate
Manufacturing
Retail
Healthcare
Construction
Transportation and Logistics
Agriculture
Hospitality
Maritime
Legal
Claims Processing
Risk Management
Compliance
Operations
Policy Administration
Underwriting
Customer Service
Documentation
Loss Assessment
Investigation
Claims Manager
Insurance Adjuster
Risk Manager
Legal Counsel
Compliance Officer
Insurance Underwriter
Claims Processing Officer
Insurance Operations Manager
Policy Administration Manager
Settlement Officer
Insurance Broker
Claims Investigator
Loss Assessor
Chief Risk Officer
Insurance Documentation Specialist
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