Waiver of Subrogation
Subrogation refers to an insurer stepping into the insured's rights to recover from a responsible third party after paying a loss; a waiver of subrogation is a contractual agreement to waive those recovery rights (often to reduce litigation between project parties). It is common in property and liability risk allocation in real estate operations.
- Where it applies
- Generally, not specific to New York
- When it comes up
- Contracting; post-loss claims administration
- Property types
- Commercial properties; co-op/condo building insurance programs; leases
Risk and Liability Terminology
- Closing Protection Letter (CPL)
- Closing Wire Fraud / Business Email Compromise (BEC)
- Deed Fraud
- Directors and Officers (D&O) Insurance
- Errors & Omissions (E&O) Insurance
- Force Majeure
- Indemnification
- Limitation of Liability
- Liquidated Damages
- Notice of Recorded Document (NRD) Monitoring
General information, not legal, tax or financial advice.