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Service Contract Liability (Insurance)
"I need a Service Contract Liability Insurance document for my IT consulting firm in Manila, covering software development and cloud services with a liability limit of 10 million PHP, effective from January 1, 2025, with specific coverage for data breaches and intellectual property claims."
1. Parties: Identification of the insurer, insured party, and any additional named insureds
2. Background: Context of the service contract liability insurance, including the nature of services being covered
3. Definitions: Detailed definitions of key terms used throughout the policy, including technical and legal terminology
4. Scope of Coverage: Detailed description of what services and liabilities are covered under the insurance policy
5. Policy Period: Duration of coverage, including start and end dates, and renewal terms
6. Premium and Payment Terms: Details of premium amounts, payment schedule, and payment methods
7. Limits of Liability: Maximum coverage amounts for different types of claims and aggregate limits
8. Exclusions: Specific circumstances, activities, or losses that are not covered by the policy
9. Claims Procedures: Step-by-step process for filing and handling claims
10. Obligations of the Insured: Responsibilities and duties of the insured party to maintain coverage
11. Termination and Cancellation: Conditions and procedures for ending or cancelling the policy
12. Governing Law and Jurisdiction: Specification of Philippine law as governing law and relevant jurisdiction
1. Additional Insured Endorsements: Section for adding other parties who need coverage under the policy
2. Cross-Liability Clause: Optional section for handling claims between multiple insured parties
3. Territory Extension: Section for extending coverage to specific geographic areas beyond standard coverage
4. Special Conditions: Additional conditions specific to the insured's business or industry
5. Defense Costs: Specific provisions for legal defense costs and their coverage
6. Dispute Resolution: Alternative dispute resolution procedures beyond standard legal proceedings
7. Force Majeure: Provisions for extraordinary events affecting policy performance
1. Schedule A - Premium Calculation: Detailed breakdown of premium calculation and applicable rates
2. Schedule B - Covered Services: Comprehensive list of services covered under the policy
3. Schedule C - Claims History: Record of previous claims and loss history
4. Schedule D - Risk Assessment: Detailed risk assessment and mitigation measures
5. Appendix 1 - Claims Forms: Standard forms and documents required for claims processing
6. Appendix 2 - Service Level Requirements: Specific service standards and requirements that must be maintained
7. Appendix 3 - Regulatory Compliance Checklist: Checklist of Philippine regulatory requirements and compliance measures
Authors
Professional Services
Information Technology
Construction and Engineering
Healthcare Services
Financial Services
Consulting Services
Business Process Outsourcing
Educational Services
Real Estate Services
Transportation and Logistics
Legal
Risk Management
Compliance
Operations
Finance
Insurance
Corporate Affairs
Contract Administration
Claims Processing
Business Development
Project Management
Risk Manager
Insurance Underwriter
Legal Counsel
Compliance Officer
Operations Director
Contract Manager
Chief Financial Officer
Business Development Manager
Claims Manager
Service Delivery Manager
Professional Services Director
Chief Risk Officer
Insurance Broker
Corporate Secretary
Project Manager
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