Waiver of Subrogation

Definition

• A clause in a property insurance policy that prohibits the insurance company from seeking financial restitution from a third party that causes damage to insured property.

Synonyms
preventing subrogation

Acronyms
WOS

Related Terms and Acronyms

• Concurrent Causation — Definition,
  • If there is more than one cause of damage in an insurance claim and one cause is covered while the other is not, the insurer is obligated to cover the loss.
• Indemnity — Definition,
  • An arrangement where one party assumes liability for another party.
• Subrogation — Definition,
  • When an insurance company has the right to take legal action against a third party for damages.
• Tort — Definition,
  • An act that causes harm or loss.
• Tort Law — Definition,
  • Civil law or the laws that govern civil lawsuits.
• Tortfeasor — Definition,
  • A party who commits a tort (a civil wrong).
• Waiver — Definition,
  • The intentional and voluntary renunciation, abandonment, or surrender of some claim, right, or privilege.
• Waiver of Premium — Definition,
  • A clause that allows an insurer to waive a policyholder's premiums while still keeping the policy in effect.
• Waiver of Restoration Premium — Definition,
  • A provision that frees an insurance policyholder from needing to pay a fee in order to resume coverage after a claim.