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An Insurance Addendum is a crucial document used when parties need to modify an existing insurance policy without creating an entirely new contract. This document type is particularly important in the Philippine insurance market, where modifications must comply with the Insurance Code of the Philippines and Insurance Commission regulations. The addendum can accommodate various changes such as coverage adjustments, premium modifications, or policy term updates, while ensuring all alterations align with local regulatory requirements. It's commonly used when circumstances change during the policy period, requiring formal documentation of agreed modifications between the insurer and policyholder. The document must be drafted with careful attention to both the original policy terms and Philippine insurance law requirements to maintain legal enforceability and regulatory compliance.
