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.
Virginia Waivers of Subrogation
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US-OL25052
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How to fill out Waivers Of Subrogation?
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FAQ
§ 38.2-207. Enforcement of right of subrogation in name of insured.
Subrogation claims rely on fault, and insurance companies can only file claims against those they can prove are liable for property damage. If you can demonstrate that you are not liable for the property damage, the insurance company will have no grounds for their claim, and you will not have to pay it.
A hold harmless agreement differs in that it shifts liability. While a waiver of subrogation is protection from liability, it doesn't shift the liability as a hold harmless agreement does.
What Is a Waiver of Subrogation? A waiver of subrogation is a two-way agreement in which each party agrees to give up subrogation rights against the other in the event of a loss, such as damage to a building or personal possessions from a fire. A waiver of subrogation clause is good for both a tenant and a landlord.
One example of subrogation is when an insured driver's car is totaled through the fault of another driver. The insurance carrier reimburses the covered driver under the terms of the policy and then pursues legal action against the driver at fault.
There are two basic types of waiver endorsements used on liability policies: scheduled and blanket. A scheduled endorsement states that the insurer will not sue the party listed in the endorsement if you have waived your rights of subrogation against him or her.
Waivers of subrogation are intended to protect each party from claims by the other; additional insured status is protection against third party claims.
No policy or contract of bodily injury or property damage liability insurance that contains any representation by an insurer to pay all reasonable medical expenses incurred for bodily injury caused by accident to the insured or any relative or other person coming within the provisions of the policy, shall be issued or ...
