Vehicle Insurance Policy Agreement

Vehicle Insurance Policy Agreement

This Vehicle Insurance Policy Agreement ("Agreement") is made and entered into as of Effective Date: by and between the following parties.

Parties

Recitals (WHEREAS)

WHEREAS, Insurer is duly authorized to issue motor vehicle insurance policies and maintains underwriting, claims handling and risk management operations consistent with industry standards; and

WHEREAS, Insured seeks insurance coverage for the vehicle described below and agrees to pay the premiums and comply with the obligations set forth in this Agreement; and

WHEREAS, the parties desire to set forth the terms, coverages, limits and procedures applicable to the insurance relationship between them as evidenced by this Agreement and the policy declarations attached hereto.

Policy Declarations

Policy Number:   Effective Date:   Expiration Date:

Vehicle Description

Scope of Coverage

The Insurer agrees to provide insurance coverage for the vehicle described above subject to the terms, conditions, exclusions and limits set forth in this Agreement. Coverage applies to use of the vehicle for permitted operations and shall include the following coverages, when selected and premiums paid:

Liability Coverage — Bodily injury and property damage limits: $

Collision Coverage — Deductible: $

Comprehensive Coverage — Deductible: $

Uninsured/Underinsured Motorist Coverage — Limit: $

Payment Terms

Premium Amount: $   Payment Schedule:

Late Payment Fee: The Insurer may assess a late fee equal to of the unpaid installment per month on any premium not paid within the grace period specified below.

Grace Period: days from the premium due date. Failure to pay premium when due, after expiration of the grace period, may result in suspension or cancellation of coverage in accordance with this Agreement.

Term and Termination

Term Commencement Date:   Term Expiration Date:

Either party may terminate this Agreement for any material breach by the other party that is not cured within days following written notice of breach. Additionally, the Insurer may cancel coverage for nonpayment in accordance with the Payment Terms and applicable notice provisions.

Notice Period for Nonrenewal or Cancellation: Unless otherwise required by law, Insurer shall provide days written notice to the Insured of nonrenewal or cancellation.

Claims Reporting and Defense

The Insured shall notify the Insurer as soon as reasonably practicable of any occurrence that may give rise to a claim. The Insurer shall have the right to defend any covered claim in the Insurer's name and to retain counsel of its choice. The Insured shall cooperate fully in the defense and settlement of claims.

Exclusions and Limitations

Confidentiality

Each party shall maintain in confidence all nonpublic information disclosed by the other party in connection with this Agreement and shall not disclose such information except to its employees, agents or professional advisors who have a need to know and who are bound to confidentiality obligations at least as protective as those contained herein. This obligation of confidentiality shall survive termination or expiration of this Agreement for a period of three (3) years.

Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the jurisdiction in which the Insurer is domiciled, without regard to its conflict of law principles, except to the extent preempted by applicable federal law.

Entire Agreement

This Agreement, together with the policy declarations, endorsements and any attached schedules, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings and representations, whether written or oral. No amendment or waiver of any provision of this Agreement shall be effective unless in writing and signed by both parties.

Notices

All notices required or permitted under this Agreement shall be in writing and delivered to the addresses set forth in the Parties section above or to such other address as either party may specify in writing by notice to the other. Notice shall be effective upon personal delivery, delivery by recognized overnight courier, or three (3) business days after deposit in certified mail, return receipt requested.

Certifications and Warranties

The Insured certifies that all information provided to the Insurer in connection with this Agreement and the underlying application is true, complete and correct to the best of the Insured's knowledge. The Insurer's obligations under this Agreement are contingent upon the accuracy of such information and compliance by the Insured with all material terms of this Agreement.

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