Waiver of Subrogation
- 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.
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.