Does Subrogation Affect the Insured Victim?

 Does Subrogation Affect the Insured Victim?

The subrogation process, which is meant to protect insured parties, is very passive for the insured victim of an accident from the fault of another insured party. The insurance companies of the two parties involved work to mediate and legally come to a conclusion over the payment. Policyholders are simply covered by their insurance company and can act accordingly. It benefits the insured in that the at-fault party must make a payment during subrogation to the insurer, which helps keep the policyholder's insurance rates low.

What is a Waiver of Subrogation?

A waiver of subrogation is a contractual provision whereby an insured party 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 this special policy endorsement. Many construction contracts and leases include a waiver of the subrogation clause. This prevents the insurance company from "stepping into the client's shoes" once a claim has been settled and suing the other party to recoup their losses. Thus, if subrogation is waived, the insurer is exposed to greater risk.

What Is the Broad Legal Definition of Subrogation?

Subrogation, in the legal context, refers to when one party takes on the legal rights of another, especially substituting one creditor for another. Subrogation can also occur when one party takes over another's right to sue.

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