This office lease form does not prevent the insurer from asserting any right it might have to recover its losses from a tortfeasor. A better way to approach this can be done by both obtaining an endorsement from the insurance company to waive its recovery rights and by inserting a clause in the lease to this effect.
Connecticut Waivers of Subrogation
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Multi-State
Control #:
US-OL25052
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How to fill out Waivers Of Subrogation?
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FAQ
There are two basic types of waiver endorsements used on liability policies: scheduled and blanket. A scheduled endorsement states that the insurer will not sue the party listed in the endorsement if you have waived your rights of subrogation against him or her.
The blanket waiver of subrogation gives the insured (you) the right to waive subrogation when required by contract ? avoiding the hassle of asking for it each time you enter into a contract.
A hold harmless agreement differs in that it shifts liability. While a waiver of subrogation is protection from liability, it doesn't shift the liability as a hold harmless agreement does.
A waiver of subrogation is a legal endorsement that prevents an insurer from recovering the money they've paid out on a claim from a negligent third party. This avoids lengthy and costly legal disputes that could arise in the course of contracted activities like letting a property or subcontracting construction work.
Connecticut has an Anti-Subrogation Rule that makes someone who contributes to the payments on the premium of a property insurance policy exempt from subrogation.
Waivers of subrogation are intended to protect each party from claims by the other; additional insured status is protection against third party claims.
A waiver of subrogation means that an insurance company has a higher chance of paying out losses that it cannot recover itself. Therefore, an insurance company must charge more if the insured plans on agreeing to this clause. A waiver of subrogation is common in the construction and real estate industries.
