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Arbitrase Clauses

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ARBITRASE CLAUSES

  1. In the event of any dispute arising between the Insurer and the Insured in  respect of the implementation and or interpretation of this policy, the dispute shall be settled amicably within 60 (sixty) days since the dispute arises. The dispute arises since   the Insured  or the  Insurer has expressed in writing his  disagreement on  the  subject  matter   of  the  dispute. If the dispute could not be settled  amicably, then  either  the  Insured  or  the  Insurer  shall  settle the dispute though Arbitration Ad Hoc.
  2. The Insured or the Insurer shall notify in writing the other party by registered letter, telegrams, telex, facsimile, E-mail or by courier, advising  that the  dispute  shall  be  settled  through Arbitration Ad Hoc. The settlement through arbitration repudiates the rights of the Insurer and or the Insured  to settle the dispute through court.
  3. The Arbitration Ad Hoc consists of three arbitrator. Insured and Insurer each shall appoint one arbitrator within 30 (thirty) days from the date of the receipt of the written notification, then the two arbitrators shall appoint the third arbitrator within 14 (fourteen) days from the  date of appointment of the second arbitrator. The third arbitrator shall act as umpire of the  Arbitration.
  4. Should there be any disagreement as to the appointment of arbitrator (s) and or the two arbitrators fail to appoint the third arbitrator, then the Insured and or the Insurer could request the Chairman of the court (Ketua Pengadilan Negeri) to appoint the arbitrator (s)  and or the umpire.
  5. The arbitrators shall examine the case and make an award within 180 (one hundred and eighty) days from the date of the formation of the Arbitration Ad Hoc. The period of examination of the case could be extended upon the consent of both parties and if it is deemed necessary by the Arbitration Ad Hoc.
  6. The Arbitration award is final, binding and enforceable for both parties, the Insured and the Insurer. Should the Insured and or the Insurer fail to comply with the arbitration award, then at the request of the other party, the award shall be executed under the order of the Chairman of the court (Ketua Pengadilan Negeri).
  7. Matters which are not provided and or not sufficiently provided under this clause shall be subject to the provisions of the Act of the Republic Indonesia Nr. 30 year 1999 dated August 12, 1999 regarding Arbitration and Alternative Dispute Resolution.

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