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A Waiver of Subrogation is an agreement made on an insurance policy related to property. This specific agreement prohibits the insurer from seeking restitution from a third party that may cause damage, injury, or other losses to the insured party. This agreement may be used in certain situations, such as construction, rental properties, or other subcontracting scenarios.
Because a Waiver of Subrogation may be a legally binding agreement, it must be completed in writing. Both parties will need to review the agreement and provide their personal information. They will also need to sign and date the form. A witness or a notary can be used to further protect both parties in this legal contract. This waiver can be used for a certain period of time or it can be permanent.
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