This office lease form does not prevent the insurer from asserting any right it might have to recover its losses from a tortfeasor. A better way to approach this can be done by both obtaining an endorsement from the insurance company to waive its recovery rights and by inserting a clause in the lease to this effect.
Waiver Of Subrogation For Contractor
Category:
State:
Multi-State
Control #:
US-OL25052
Format:
Word;
PDF
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FAQ
So, if a contractor's crane drops steel onto the project and the owner's builder's risk insurer pays the loss, the owner's insurer can step into the shoes of the owner and sue the contractor for the loss it caused.
A Waiver of Subrogation is an endorsement that prohibits an insurance carrier from recovering the money they paid on a claim from a negligent third party. An Owner Client may require this endorsement from their vendors to avoid being held liable for claims that occur on their jobsite.
Waiver of subrogation is not something that should be agreed to lightly, because a misstep without fully understanding the ramifications could very well lead to a denial of coverage.
A waiver of subrogation clause is put in a professional services contract to reduce lawsuits and claims among the parties. The cost of the insurance coverage is contractually allocated among the parties and is agreed among the parties to lie with the insurers.
A waiver of subrogation clause is put in a professional services contract to reduce lawsuits and claims among the parties. The cost of the insurance coverage is contractually allocated among the parties and is agreed among the parties to lie with the insurers.
