Agreement Of (Insurance)

Agreement Of (Insurance) Template for Saudi Arabia

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Key Requirements PROMPT example:

"I need an Agreement of Insurance for comprehensive property coverage for our manufacturing facility in Riyadh, with specific provisions for machinery breakdown and business interruption coverage, to be effective from March 1, 2025."

Document background

The Agreement of Insurance serves as the foundational document establishing insurance coverage between a Takaful operator and an insured party in Saudi Arabia. This agreement is essential for any business or individual seeking insurance coverage in compliance with Saudi law and Shariah principles. The document is structured to meet the regulatory requirements set forth by the Saudi Arabian Monetary Authority (SAMA) and includes comprehensive details about coverage terms, premium calculations, claims procedures, and risk management requirements. It specifically addresses the cooperative insurance (Takaful) model, ensuring alignment with Islamic financial principles while providing robust insurance protection. The agreement is particularly relevant in the context of Saudi Arabia's developing insurance market and the increasing focus on regulatory compliance and consumer protection in financial services.

Suggested Sections

1. Parties: Identification of the insurance provider (Takaful operator) and the insured party, including full legal names and contact details

2. Background: Context of the agreement, including the basis of Takaful (cooperative insurance) and Shariah compliance statement

3. Definitions: Detailed definitions of terms used throughout the agreement, including technical insurance terms and Shariah-specific concepts

4. Scope of Coverage: Detailed description of risks covered, coverage limits, and territorial scope

5. Premium and Payment Terms: Premium amount, payment schedule, and allocation between participant's account and operator's fund

6. Duration and Renewal: Term of the policy, renewal conditions, and notice requirements

7. Claims Procedure: Process for filing claims, required documentation, and timeframes for claim settlement

8. Exclusions: Specific risks, circumstances, or events excluded from coverage

9. Obligations of the Parties: Duties of both the insurer and insured, including disclosure requirements and risk management

10. Cancellation and Termination: Conditions and procedures for policy cancellation by either party

11. Dispute Resolution: Procedures for resolving disputes, including reference to Shariah board and Saudi courts

12. Governing Law: Explicit statement of Saudi law and Shariah principles as governing law

13. Notices: Methods and addresses for official communications between parties

Optional Sections

1. Surplus Distribution: Include when the policy includes profit-sharing mechanisms, detailing how insurance surplus will be distributed among participants

2. Retakaful Arrangements: Include when reinsurance arrangements are in place, describing the retakaful coverage

3. Group Coverage Terms: Include for group insurance policies, detailing member eligibility and administration

4. Investment Conditions: Include for insurance products with investment components, describing investment strategies and profit-sharing

5. International Coverage: Include when coverage extends beyond Saudi Arabia, detailing international terms and conditions

6. Agency Provisions: Include when insurance is arranged through an intermediary, describing agency relationships

Suggested Schedules

1. Schedule A - Coverage Details: Detailed breakdown of coverage limits, sublimits, and specific terms for each type of coverage

2. Schedule B - Premium Schedule: Detailed premium calculation, payment schedule, and fees breakdown

3. Schedule C - Claims Documentation Requirements: List of required documents and procedures for different types of claims

4. Schedule D - Risk Management Requirements: Specific risk management and loss prevention requirements

5. Appendix 1 - Shariah Compliance Certificate: Certificate from Shariah board confirming compliance with Islamic principles

6. Appendix 2 - Disclosure Forms: Standard forms for risk disclosure and claims submission

7. Appendix 3 - Policy Endorsements: Any modifications or special terms added to the standard policy

8. Appendix 4 - SAMA Required Disclosures: Mandatory disclosures required by Saudi Arabian Monetary Authority

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

Financial Services

Insurance

Banking

Real Estate

Manufacturing

Healthcare

Construction

Transportation

Retail

Energy

Technology

Agriculture

Education

Hospitality

Professional Services

Relevant Teams

Legal

Risk Management

Compliance

Finance

Operations

Claims

Underwriting

Shariah Advisory

Corporate Governance

Policy Administration

Customer Service

Business Development

Relevant Roles

Chief Risk Officer

Insurance Manager

Compliance Officer

Legal Counsel

Risk Manager

Claims Manager

Underwriting Manager

Shariah Compliance Officer

Chief Financial Officer

Operations Manager

Contract Administrator

Insurance Broker

Policy Administrator

Risk Analyst

Corporate Counsel

Treasury Manager

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