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Insurance Waiver Form Template for Hong Kong

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Key Requirements PROMPT example:

Insurance Waiver Form

"I need an Insurance Waiver Form for our Hong Kong construction company to be used when subcontractors opt to use their own insurance coverage instead of our company's group policy, with specific acknowledgment of workplace safety risks."

Document background
The Insurance Waiver Form is a critical document used in Hong Kong when an individual or organization chooses to decline or waive specific insurance coverage or benefits. This document is particularly relevant in situations where standard insurance requirements might be modified, such as when alternative coverage is in place, or when specific risks are accepted by the waiving party. The form must comply with Hong Kong's Insurance Ordinance (Cap. 41) and related regulations, including proper risk disclosure and consumer protection measures. It typically includes detailed information about the parties involved, specific coverage being waived, acknowledgment of risks, and the implications of waiving insurance protection. The document serves as a legal record of the informed decision to waive insurance coverage and protects both the insurer and the waiving party by clearly documenting the scope and terms of the waiver.
Suggested Sections

1. Identification of Parties: Details of the insurance company and the individual/entity waiving their insurance rights

2. Background: Context of the insurance coverage being waived and the relationship between the parties

3. Definitions: Clear definitions of key terms used in the waiver form

4. Scope of Waiver: Specific description of the insurance rights, benefits, or coverage being waived

5. Acknowledgment of Understanding: Statement confirming the signing party understands the implications of waiving insurance coverage

6. Duration and Effect: Period for which the waiver remains effective and its impact on existing or future claims

7. Release of Liability: Express release of the insurer from obligations related to the waived coverage

8. Governing Law: Confirmation that Hong Kong law governs the waiver

9. Execution: Signature blocks and witnessing requirements

Optional Sections

1. Alternative Coverage: Details of any alternative insurance arrangements, used when the waiver is conditional on obtaining other coverage

2. Reinstatement Rights: Terms under which insurance coverage can be reinstated, included when temporary waiver is possible

3. Third Party Rights: Impact on third party beneficiaries, included when the insurance policy affects other parties

4. Language Declaration: Declaration of understanding if the form is provided in multiple languages, used for non-English speaking parties

5. Professional Advice: Confirmation of receiving independent legal/financial advice, used for complex waivers

Suggested Schedules

1. Schedule A - Details of Insurance Policy: Specific details of the insurance policy being waived, including policy numbers and coverage types

2. Schedule B - Risk Disclosure: Detailed explanation of risks associated with waiving insurance coverage

3. Appendix 1 - Supporting Documents: List of required supporting documents such as ID proof or policy documentation

4. Appendix 2 - Consent Forms: Additional consent forms required by Hong Kong insurance regulations

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions























Clauses




















Relevant Industries

Insurance

Financial Services

Healthcare

Construction

Real Estate

Manufacturing

Transportation

Sports and Recreation

Education

Retail

Professional Services

Hospitality

Relevant Teams

Legal

Risk Management

Compliance

Human Resources

Operations

Finance

Insurance Operations

Administrative Services

Corporate Governance

Customer Relations

Relevant Roles

Risk Manager

Insurance Underwriter

Compliance Officer

Legal Counsel

Insurance Broker

Claims Manager

Corporate Secretary

HR Manager

Operations Director

Finance Manager

Safety Officer

Contract Administrator

Insurance Agent

Risk Assessment Officer

Legal Administrator

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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