Insurance Waiver Form

Insurance Waiver Form Template for Philippines

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Key Requirements PROMPT example:

"I need an Insurance Waiver Form for our construction company in Manila, where our subcontractors will waive specific accident coverage for high-rise building work, as they have their own comprehensive insurance coverage starting March 2025."

Document background

The Insurance Waiver Form is a critical legal document used in the Philippine insurance industry when an individual or organization chooses to decline specific insurance coverage or benefits. This document is particularly relevant when alternative coverage exists, when certain risks are accepted by the waiving party, or when standard insurance requirements are being modified. The form must comply with the Insurance Code of the Philippines and related regulations, including specific disclosure requirements and formal execution procedures. It typically includes comprehensive risk acknowledgments, clear identification of waived coverage, and explicit statements of voluntary waiver. The document is designed to protect both the insurance provider and the waiving party by clearly documenting the scope and implications of the waiver decision.

Suggested Sections

1. Identification of Parties: Details of the insurance company/provider and the individual/entity waiving the insurance coverage

2. Background: Context of the waiver, including the insurance policy or coverage being waived and relevant circumstances

3. Definitions: Clear definitions of key terms used in the waiver form

4. Acknowledgment of Rights: Statement confirming the waiving party understands their rights and the coverage being waived

5. Scope of Waiver: Detailed description of exactly what insurance coverage or rights are being waived

6. Voluntary Nature of Waiver: Declaration that the waiver is being made voluntarily and without coercion

7. Risk Acknowledgment: Statement acknowledging understanding of risks associated with waiving coverage

8. Release of Liability: Formal release of the insurance provider from obligations related to the waived coverage

9. Governing Law: Specification that Philippine law governs the waiver

10. Execution: Signature blocks and execution requirements

Optional Sections

1. Alternative Coverage Declaration: Used when the waiving party needs to declare they have alternative insurance coverage in place

2. Reinstatement Rights: Include when the waiver allows for future reinstatement of coverage under specific conditions

3. Third Party Rights: Include when the waiver affects rights of third parties or beneficiaries

4. Severability Clause: Optional clause stating that if any part of the waiver is found invalid, the rest remains in effect

5. Duration of Waiver: Include when the waiver is temporary or has specific time limitations

Suggested Schedules

1. Schedule A - Details of Waived Coverage: Detailed list of specific insurance coverage being waived

2. Schedule B - Risk Disclosure: Comprehensive list of risks associated with waiving the specified coverage

3. Appendix 1 - Required Documentation: List of supporting documents required for the waiver (e.g., proof of alternative coverage)

4. Appendix 2 - Regulatory Disclosures: Standard disclosures required by Philippine insurance regulations

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Insurance

Healthcare

Construction

Manufacturing

Real Estate

Transportation

Education

Sports and Recreation

Hospitality

Professional Services

Retail

Relevant Teams

Legal

Risk Management

Compliance

Human Resources

Operations

Finance

Administration

Insurance

Corporate Governance

Facilities Management

Relevant Roles

Risk Manager

Insurance Broker

Compliance Officer

Legal Counsel

Human Resources Director

Operations Manager

Safety Coordinator

Contract Administrator

Insurance Underwriter

Claims Manager

Corporate Secretary

Facility Manager

Project Manager

Chief Financial Officer

Benefits Administrator

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Let's create your Insurance Waiver Form

Authors

Alex Denne

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