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.
Vermont Waivers of Subrogation
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Multi-State
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US-OL25052
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How to fill out Waivers Of Subrogation?
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FAQ
Subrogation is a term describing a right held by most insurance carriers to legally pursue a third party that caused an insurance loss to the insured. This is done in order to recover the amount of the claim paid by the insurance carrier to the insured for the loss.
Clients may want your business to waive your right of subrogation so they will not be held liable for damages if they are partially responsible for a loss. When you waive your right of subrogation, your business (and your insurance company) are prevented from seeking a share of any damages paid.
A waiver of subrogation is a contractual provision whereby an insured waives the right of their insurance carrier to seek redress or seek compensation for losses from a negligent third party. Typically, insurers charge an additional fee for a waiver of subrogation endorsement.
Waivers of subrogation are intended to protect each party from claims by the other; additional insured status is protection against third party claims.
A waiver of subrogation states that if both you and one of your customers are sued, and the insurance provider pays a judgment as a result, the insurance company cannot seek to recover part of the judgment from your customer. Clients may ask you for a waiver of subrogation before doing business with you.
While primary and non-contributory endorsements protect additional insureds from having to make contributions during a claim, a waiver of subrogation prevents an insurance company from seeking contributions from a negligent third party to reimburse amounts already paid to a claim.
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.
