{"product_id":"contingent-liability-insurance","title":"Contigent Liability Agreement Template - South Africa","description":"\u003ch2 style=\"text-align: center;\"\u003e\u003cstrong\u003eContigent Liability Agreement Template - South Africa\u003c\/strong\u003e\u003c\/h2\u003e\n\n\u003cstrong\u003eSummary \u003c\/strong\u003eA Contingent Liability Agreement can be used by a company that takes out Contingent Liability insurance over the life of its equity owners or directors. Such insurance covers the company’s contingent liabilities should the owner or director die before the company has paid off any debt for which the owner or director has signed a suretyship. A Contingent Liability Agreement is an acknowledgement by the life assured that the insurance policy is in place, and a confirmation about each party’s rights and obligations around the life policy.\n\n\u003cstrong\u003eWhy do I need a Contingent Liability Agreement? \u003c\/strong\u003eOften a company owner or director signs over a security for the company (such as a suretyship, guarantee or undertaking), most commonly when the company takes out a loan or applies for a credit facility. If the owner or director dies before the loan or facility is paid off, the company may be forced to settle the amount prematurely, which could cause the company serious financial problems. This can prompt the company to take out Contingent Liability insurance cover over the surety’s life. A Contingent Liability Agreement can be a useful document for the company to sign with the life assured. It sets out the life assured’s rights and responsibilities with regards to the insurance policies, including what might happen to the policies if a life assured leaves the company for whatever reason.\n\n\u003cstrong\u003eWhat does the agreement say? \u003c\/strong\u003eThe Agreement consists of: Definitions; Introduction; Policies; Cession of Policies; Disputes; General.\n\n\u003cstrong\u003eWhat does this agreement look like? \u003c\/strong\u003eThe document can be printed onto six pages.\n\n\u003cstrong\u003eWhat do you need to do to use the Contingent Liability Agreement?\u003c\/strong\u003e\n\n\u003cul\u003e\n\n \t\u003cli\u003eRead the sample contingent liability document to ensure that it suits your requirements. Make any changes as required.\u003c\/li\u003e\n\n \t\u003cli\u003eComplete Annexure A by adding in the details of the life policies taken out.\u003c\/li\u003e\n\n \t\u003cli\u003eEnsure both policyholder and the life assureds sign the Agreement with each getting a copy of the final, signed agreement.\u003c\/li\u003e\n\n\u003c\/ul\u003e\n\nAlso viewed: \u003ca href=\"http:\/\/agreementsonline.co.za\/agreements\/key-man-agreement\/\"\u003eKey Man Insurance Agreement\u003c\/a\u003e\n\n\u003cstrong\u003eThe Online Agreements Shop cc and its members, staff, legal advisers, partners and consultants, agents and any person associated therewith cannot be held liable for any loss or damage that is incurred or may be incurred by any person as a direct or indirect result of the use of this website or any document or information contained on or obtained from this website, nor as a result of anything that is contained in or left out of any document.\u003c\/strong\u003e","brand":"Agreements Online","offers":[{"title":"Default Title","offer_id":59164043411596,"sku":"AO-3498","price":405.88,"currency_code":"ZAR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0793\/0750\/5804\/files\/0013-6768303470200072995.png?v=1792128576","url":"https:\/\/agreementsonline.co.za\/products\/contingent-liability-insurance","provider":"Agreements Online","version":"1.0","type":"link"}