The Agreement of Loss (Insurance) is a crucial document in South African insurance practice, used when an insurance claim needs to be formally settled between an insurer and an insured party. This agreement is utilized after a loss has occurred and been validated, and both parties have reached consensus on the settlement terms. It serves as a legally binding document that protects both parties' interests and provides clarity on the settlement terms. The agreement must comply with South African insurance legislation, including the Insurance Act 18 of 2017 and related regulations. It typically includes detailed information about the loss event, policy coverage, settlement amount, and release terms. This document is particularly important as it provides finality to the claim and prevents future disputes regarding the settled matter.
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Key Requirements PROMPT example:
Agreement Of Loss (Insurance)
"I need an Agreement of Loss (Insurance) for settling a property damage claim worth R500,000 caused by flooding on January 15, 2025, where the insured accepts the full settlement amount and agrees to a complete release of the insurer from future claims."
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1. Parties: Identification and details of the insurer and the insured
2. Background: Context of the insurance relationship, including policy details and brief description of the loss event
3. Definitions: Definitions of key terms used throughout the agreement
4. Details of Loss: Comprehensive description of the loss event, including date, time, location, and circumstances
5. Policy Coverage: Confirmation of relevant policy coverage and applicable limits
6. Settlement Amount: Agreed settlement amount and breakdown of the calculation
7. Payment Terms: Details of how and when the settlement amount will be paid
8. Release and Discharge: Terms of release and discharge of the insurer from further liability
9. Warranties and Representations: Declarations by the insured regarding the truth of statements made
10. General Terms: Standard contractual provisions including governing law, jurisdiction, and entire agreement clause
11. Execution: Signature blocks and execution requirements
1. Subrogation Rights: To be included when the insurer maintains rights to pursue recovery from third parties
2. Third Party Rights: Required when there are other parties with interests in the claim
3. Confidentiality: Include when settlement terms need to remain confidential
4. Tax Implications: Include when settlement has significant tax consequences that need to be addressed
5. Salvage Rights: Include when there are recoverable assets or salvage to be dealt with
6. Future Claims: Include when there's potential for related future claims that need to be addressed
1. Schedule A - Policy Details: Details of the insurance policy including policy number, period, and relevant endorsements
2. Schedule B - Loss Assessment: Detailed assessment report of the loss including valuations and adjustor reports
3. Schedule C - Settlement Calculation: Detailed breakdown of how the settlement amount was calculated
4. Schedule D - Supporting Documents: List of all supporting documents provided to validate the claim
5. Appendix 1 - Photographs: Photographic evidence of the loss if applicable
6. Appendix 2 - Expert Reports: Any relevant expert or specialist reports related to the loss
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Relevant Industries
Insurance
Financial Services
Risk Management
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Property Management
Manufacturing
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Construction
Transportation
Healthcare
Agriculture
Mining
Hospitality
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Relevant Teams
Claims Processing
Legal
Compliance
Risk Management
Underwriting
Policy Administration
Customer Service
Operations
Document Management
Quality Assurance
Relevant Roles
Insurance Claims Manager
Risk Manager
Legal Counsel
Compliance Officer
Claims Adjuster
Insurance Broker
Loss Assessor
Underwriting Manager
Policy Administrator
Insurance Agent
Risk Assessment Officer
Claims Processing Officer
Insurance Operations Manager
Legal Risk Officer
Settlement Officer
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