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Agreement Of Loss (Insurance) Template for Philippines

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Key Requirements PROMPT example:

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."

Document background
The Agreement of Loss (Insurance) is a crucial document in the Philippine insurance landscape, used when an insurance claim has been verified and both parties have reached a settlement agreement. This document is required under Philippine insurance regulations and must comply with the Insurance Code (Republic Act No. 10607) and Insurance Commission guidelines. It is typically prepared after the completion of claim investigation and loss assessment, documenting the final settlement terms between the insurer and the insured. The agreement includes essential details such as the nature of the loss, settlement amount, payment terms, and releases of liability. It serves as the final step in the claims process, providing legal protection for both parties and clearly documenting the terms of settlement.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
































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Relevant Industries

Insurance

Banking and Financial Services

Real Estate

Manufacturing

Retail

Healthcare

Construction

Transportation and Logistics

Agriculture

Hospitality

Maritime

Relevant Teams

Legal

Claims Processing

Risk Management

Compliance

Operations

Policy Administration

Underwriting

Customer Service

Documentation

Loss Assessment

Investigation

Relevant Roles

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

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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