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Buy Sell Agreement (Insurance)

Buy Sell Agreement (Insurance) Template for New Zealand

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Key Requirements PROMPT example:

Buy Sell Agreement (Insurance)

"Need a Buy Sell Agreement (Insurance) for our three-partner architecture firm in Auckland, with specific provisions for retirement and disability, to be funded through life and disability insurance policies, with implementation planned for March 2025."

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Document background
The Buy Sell Agreement (Insurance) serves as a critical business succession planning tool in New Zealand's commercial landscape. It is primarily used when business owners want to ensure a smooth transition of ownership interests upon specific triggering events, with insurance policies providing the necessary funding mechanism. This document becomes essential for privately held businesses, partnerships, and family enterprises where maintaining business continuity and protecting stakeholder interests are paramount. The agreement must comply with New Zealand's Insurance (Prudential Supervision) Act 2010, Contract and Commercial Law Act 2017, and other relevant legislation. It typically includes comprehensive details about insurance policy requirements, valuation methods, trigger events, and payment terms, providing certainty and clarity for all parties involved while ensuring regulatory compliance.
Suggested Sections

1. Parties: Identifies all parties to the agreement, including the business owners and the insurance company

2. Background: Sets out the context of the agreement, including the business structure and purpose of the insurance arrangement

3. Definitions: Defines key terms used throughout the agreement

4. Purchase and Sale Obligations: Establishes the core obligations to purchase shares/interests upon trigger events

5. Trigger Events: Defines events that activate the buy-sell provisions (death, disability, retirement, etc.)

6. Insurance Funding: Details the insurance policies, coverage amounts, and premium payment obligations

7. Valuation Method: Specifies how the business interest will be valued when a trigger event occurs

8. Payment Terms: Outlines the terms and conditions for payment of the purchase price

9. Policy Ownership and Beneficiary Designations: Specifies who owns the policies and who are the beneficiaries

10. Representations and Warranties: Standard declarations about the accuracy of information and authority to enter agreement

11. Confidentiality: Provisions protecting sensitive business and personal information

12. Dispute Resolution: Procedures for resolving disagreements between parties

13. Termination: Conditions and procedures for terminating the agreement

14. General Provisions: Standard legal provisions including governing law, notices, and amendments

Optional Sections

1. Cross-Purchase vs. Entity Purchase: Used when specifying whether the purchase will be made by other owners or the company itself

2. Disability Buy-Out Provisions: Detailed provisions for disability-triggered purchases, used when disability coverage is included

3. Right of First Refusal: Used when parties want to give existing owners first right to purchase before external sales

4. Family Transfer Exceptions: Used when allowing certain transfers to family members without triggering buy-sell provisions

5. Competing Business Restrictions: Used when including non-compete provisions for departing owners

6. Tag-Along Rights: Used in larger businesses to protect minority owners in sale situations

7. Drag-Along Rights: Used in larger businesses to enable majority owners to force sale participation

8. Life Insurance Policy Management: Used when detailed procedures for policy management are required

Suggested Schedules

1. Schedule A - Current Ownership Schedule: Details current ownership percentages and number of shares/interests

2. Schedule B - Insurance Policy Details: Lists all insurance policies, including policy numbers, coverage amounts, and carriers

3. Schedule C - Valuation Formula: Detailed methodology for calculating business value

4. Schedule D - Premium Payment Schedule: Details of premium payments, including amounts and payment dates

5. Appendix 1 - Sample Valuation Certificate: Template for documenting business valuations

6. Appendix 2 - Transfer Documentation: Templates for share transfer forms and related documents

7. Appendix 3 - Medical Information Release Forms: Standard forms for medical information release for insurance purposes

8. Appendix 4 - Policy Beneficiary Designation Forms: Standard forms for updating policy beneficiaries

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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

Professional Services

Manufacturing

Retail

Technology

Healthcare

Construction

Agriculture

Financial Services

Hospitality

Real Estate

Family Businesses

Small and Medium Enterprises

Relevant Teams

Legal

Finance

Risk Management

Corporate Governance

Executive Leadership

Insurance

Compliance

Business Development

Corporate Advisory

Relevant Roles

Business Owner

Managing Director

CEO

CFO

Corporate Lawyer

Insurance Broker

Risk Manager

Financial Advisor

Business Succession Planner

Corporate Trustee

Partnership Manager

Company Secretary

Legal Counsel

Operations Director

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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