Transcription of WHAT IS SUBROGATION, AND HOW DOES IT …
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WHAT IS SUBROGATION, AND HOW DOES IT …
-1- WHAT IS subrogation , AND HOW DOES IT AFFECT YOU? Introduction to subrogation subrogation refers to when an insurance company that has paid a claim obtains the right to step into the shoes of its insured for the purpose of pursuing reimbursement from the party that should have responsibility for paying the claim. For example, if you are in an automobile accident that is not your fault, your insurer will pay to have your vehicle repaired. Your insurer becomes subrogated to your rights and can pursue a claim against the other driver to recoup the money it paid to you. The insurance company takes all your rights exactly as they are. In other words, the insurance company can have no greater rights than you, and the opposing party can assert all the same defenses against as it could have asserted against you, such as contributory fault on your part.
carriers for each coverage set forth herein shall waive all rights of subrogation that the insurer may have against Contractor, Owner, and the indemnified parties.”
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