From an insurance standpoint, the term “indemnity” may refer to the contractual agreement and the obligation of an indemnifier to repay the damage or loss incurred to the indemnity holder. This type of agreement prevents and protects you from the possible financial losses, as long as you keep your insurer informed. To help you draft the indemnity insurance, we have provided for you below a variety of contract templates and forms.
10+ Indemnity Insurance Templates in Google Docs | PDF | Word | Pages
1. Compensation Agreement Template
In the process of drafting a contract agreement between you and your insurer, this Compensation Agreement Template can help you lay down and set out the agreed amount to pay for any damage. You may want to customize this template using Google Docs, MS Word, Pages, and Editable PDF. If you’re interested in this template, download it right now!
2. Payment Agreement Contract Template
Set forth the payment method and the amount using this Payment Agreement Contract Template when a breach of contract would possibly happen. It is available in A4 and US print sizes, perfect for commercial as well as personal printing. Download and edit it in all versions of Google Docs, MS Word, and Pages. Secure a copy now!
3. Insurance Non-Compete Agreement Template
Use this Insurance Non-Compete Agreement Template to keep the trade secrets between you and your insurer. It can also be utilized to protect your business. Need a copy of this insurance non-compete agreement template today? Make haste and download now!
5 Steps to Make an Indemnity Insurance
Step 1: Understand the Insurance Contracts Act of 1984
Before you can enter into a contract of general insurance with an insurer, you need to understand first the law that governs it. The Insurance Contracts Act of 1984 is “an act to reform and modernize the law relating to certain contracts of insurance so that a fair balance is struck between the interests of insurers, insureds, and other members of the public.” Furthermore, the law also includes “the provisions and the practices of insurers to such contracts, operate fairly, and for related purposes.” This act is made to set a minimum capital and the solvency requirements for organizations, companies, and other entities that need to enter or operate in the insurance industry. With the law provided, the rights and duties are laid down before a person decides to enter into such agreement or operation. So, the first thing that you need to do is reading and understanding this act for your advantage.
Step 2: Know the Duty of Utmost Good Faith
Section 13 of the Insurance Contracts Act of 1984 stipulates the doctrine of utmost good faith, requiring both parties who enter into a contract to act honestly. It is a fundamental law principle which often referred to as Uberrimae Fidei. The duty of utmost good faith simply provides that any person who wishes to enter into an agreement or contract with the company should have a legal obligation that must be performed with utmost good faith. You need to understand that whenever there is a breach of contract by one party, the other party is made insured and secured financially for any loss by obliging the one responsible for the damage. Hence, it pays great to know and learn about this principle.
Step 3: Disclose
In the event of a claim, indemnity insurance provides the financial protection you need from the damage or loss in the future. That is why the law mentioned in the previous steps is of great importance since it defines the essentiality of the complete and proper disclosure (Sec. 28) the insurer has to make on behalf of the insured. An insurer has to explicitly explain to the other party every matter that is of relevance to the insured’s decision before they could even sign a contract. You cannot just ignore such responsibility of yours because the law requires it so.
Step 4: Ready a Contract/Agreement Template
When you have understood it all already, it’s now time to draft an agreement document for both parties to agree upon. You may download a template or two from this article. The templates are all easily editable and 100% customizable that you can edit in your most preferred file formats.
Step 5: Sign
The last thing in this process requires you and your insurer to attach the signature it needs for the contract to be binding. It is for the benefit of both parties. Like a letter of indemnity, this document guarantees that the specific provisions are met and certain duties are performed.
4. Insurance Contract Template
An insurance contract is a contract between an insurer and a policyholder. This Insurance Contract Template can help you draft a detailed contractual agreement you need. Don’t let this opportunity slip through your hands. Grab it instantly!
5. Sample Legal Binding Contract Template
Make a contract more legally binding by using our ready-made Sample Legal Binding Contract Template. This legal binding contract template makes use of the original content and a layout that you can either keep or change to more relevant information. Edit it in MS Word and Pages. Download the template immediately!
6. Directors Indemnity Deed Template
An indemnity deed or deed of indemnity is a contract between two or more entities. This Directors Indemnity Deed Template can aid you in the process of crafting a document that lists the responsibilities and consequences of both parties when a breach of contract happens. If you’re interested in grabbing a copy of this director’s indemnity deed template, you only have to click the download button.
7. Cooperation Agreement Template
Outline the basic terms and conditions when making a cooperation agreement with another party through this Cooperation Agreement Template. This template can help you secure your business from opening a possible lawsuit. You can download it and change the preformatted content in MS Word and Apple Pages. Grab a copy today!
8. Free Service Agreement Template
If your business seeks a service it needs from a service-based company, you can get and download this Free Service Agreement Template to help you set out the terms and conditions to protect your business. By using any of the file formats listed, you can make a service agreement contract and personalize it as easy as pie. What are you waiting for? Download now!
9. Free Consulting Agreement Template
This Free Consulting Agreement Template can be a useful material if you are to craft an insurance policy document for your business. Create a consulting agreement with ease by using this template. You can personalize it in Google Docs, MS Word, and Pages without costing you a coin or two. Download now!
10. Indemnity Agreement Form
Are you curious about how an indemnity agreement looks like? Download a copy of this Indemnity Agreement Form to catch a glimpse of this file. You may want to grab this in a Portable Document Format (PDF) for free.
11. Example Insurance Register
If you are tasked to draft an insurance claim, you can use this Example Insurance Register in a Portable Document Format (PDF). Make a formal request for a company to compensate for the damage or loss by allowing this file to guide you. Don’t miss the chance to download this template right there and then!