Insurance Release Of Claims Form

Insurance Release Of Claims Form Template for England and Wales

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Key Requirements PROMPT example:

"Need an Insurance Release of Claims Form for a £50,000 property damage settlement with ABC Insurance, to be executed by March 2025, with specific clauses about third-party contractors who were involved in the incident."

Document background

The Insurance Release of Claims Form is a crucial document in the claims settlement process under English and Welsh law. It is used when an insurance claim is being settled and the parties wish to create a legally binding agreement that prevents any future claims arising from the same incident. The form typically includes details of the original claim, settlement amount, and specific terms of the release. It serves as protection for insurers against future litigation while providing claimants with their agreed compensation. This document must comply with the Insurance Act 2015 and related regulations.

Suggested Sections

1. Claim Details: Identification of the claim number, policy number, date of loss, and nature of the claim being released

2. Release Statement: Formal declaration releasing the insurer from all current and future liability related to the specified claim

3. Consideration: Details of the settlement amount or other consideration being provided in exchange for the release

4. Warranties and Representations: Statements confirming the claimant's authority to settle and that no claims have been assigned to others

5. Execution Block: Signature sections for all parties, including witness requirements and date of execution

Optional Sections

1. Confidentiality Clause: Provisions requiring parties to maintain confidentiality of the settlement terms and conditions

2. Third Party Rights: Clause addressing the rights of other potential claimants or interested parties

3. Tax Indemnity: Provisions regarding tax implications and responsibilities for any tax liability arising from the settlement

4. Non-Admission of Liability: Statement that the settlement does not constitute an admission of liability by the insurer

5. Governing Law and Jurisdiction: Specification of applicable law and courts having jurisdiction over any disputes

Suggested Schedules

1. Schedule of Damages: Detailed itemization of damages or losses being settled under the release

2. Medical Reports: Copies or summaries of relevant medical documentation in personal injury cases

3. Proof of Loss Documentation: Supporting documentation evidencing the original claim and losses incurred

4. Payment Schedule: If applicable, details of staged payments or payment arrangements

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 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

Relevant Teams

Relevant Roles

Industries

Insurance Act 2015: Primary legislation governing insurance contracts in England and Wales, including duty of fair presentation, warranties, and remedies for breach

Consumer Insurance (Disclosure and Representations) Act 2012: Legislation governing consumer insurance contracts, focusing on disclosure obligations and misrepresentation

Contracts (Rights of Third Parties) Act 1999: Legislation allowing third parties to enforce terms of contracts in certain circumstances, relevant for insurance beneficiaries

Limitation Act 1980: Statute setting time limits for bringing legal claims, including insurance claims

Consumer Rights Act 2015: Legislation protecting consumer rights, applicable to consumer insurance contracts

Financial Services and Markets Act 2000: Framework legislation regulating financial services including insurance in the UK

Insurance Distribution Directive: EU directive implemented in UK law governing insurance distribution and consumer protection

FCA Handbook - ICOBS: Insurance Conduct of Business Sourcebook containing detailed rules for insurance business

FCA Handbook - PRIN: Principles for Businesses setting out fundamental obligations for regulated firms

Common Law - Consideration: Legal principle requiring exchange of value for contract validity

Common Law - Contractual Capacity: Rules determining who has legal capacity to enter into contracts

Common Law - Contractual Interpretation: Principles guiding how courts interpret contractual terms

UK GDPR: Data protection regulation governing handling of personal data in the UK post-Brexit

Data Protection Act 2018: UK legislation implementing and supplementing data protection requirements

Civil Procedure Rules: Rules governing civil litigation in England and Wales, including settlement procedures

Financial Ombudsman Service Rules: Rules and guidance for alternative dispute resolution in financial services

Insurance Industry Codes of Practice: Voluntary codes setting standards for insurance industry conduct and customer treatment

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Authors

Alex Denne

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