A waiver of subrogation is a provision that prohibits an insurer from pursuing a third party to recover damages for covered losses. A waiver of subrogation means that an insurance company has a higher chance of paying out losses that it cannot recover itself.The right of subrogation belongs to the insurance company, not the insured. Cozen O'Connor is the world's leading subrogation and recovery law firm. We founded our subrogation and recovery practice in 1970. A waiver of subrogation is an agreement where you waive the right for your insurance company to seek compensation from a negligent third party for their losses. Weber Gallagher has a broad subrogation practice with decades of experience in the industry. An insurance company may not subrogate against its own insured or a co-insured.