Maine Subrogation Agreement between Insurer and Insured is a legal contract that outlines the rights and responsibilities of both parties in a subrogation claim. As per Maine state laws, subrogation refers to the right of an insurer to pursue legal action against a third party responsible for causing damages to the insured party. The purpose of a Maine Subrogation Agreement is to establish the terms and conditions under which the insurer can seek reimbursement for any payments made to the insured as a result of a covered loss caused by a third party. This agreement ensures that the insurer can recover the amount it paid out to the insured by pursuing a claim against the responsible party. The key provisions typically included in a Maine Subrogation Agreement are as follows: 1. Parties: Clearly identify the parties involved in the agreement, including the insurer and the insured. 2. Indemnification: Specify the circumstances under which the insurer will seek subrogation, typically when the insured party has suffered a loss due to the negligence or fault of a third party. 3. Right to Recover: Outline the insurer's right to pursue recovery from the responsible third party and the right of the insured to assist in the recovery process. 4. Notification: Establish the obligation of the insured to promptly notify the insurer of any potential subrogation claim and the duty of the insurer to respond accordingly. 5. Cooperation: Specify the extent of the insured's cooperation in the subrogation process, including providing relevant documentation, testimony, and assistance as required. 6. Reimbursement: Determine the allocation of any recovered funds between the insurer and the insured, including any legal fees or expenses incurred during the subrogation process. 7. Limits and Exclusions: Address any limitations or exclusions related to the insurer's right to subrogation, such as limits on recoverable amounts or restrictions on claims against certain types of third parties. Different types of Maine Subrogation Agreements can exist based on the insurance policies and the nature of the losses involved. Some common variations include: 1. Auto Insurance Subrogation Agreement: Pertains to subrogation claims arising from automobile accidents where the insured's vehicle was damaged due to another driver's fault. 2. Property Insurance Subrogation Agreement: Covers subrogation claims related to property damages caused by third-party negligence, such as fires, floods, or accidents. 3. Liability Insurance Subrogation Agreement: Applies to subrogation claims arising from injuries caused by a third party's negligence, where the insured has a liability insurance policy. 4. Workers' Compensation Subrogation Agreement: Governs subrogation claims regarding injuries or damages suffered by an employee while performing their job duties and caused by a third party. 5. Health Insurance Subrogation Agreement: Deals with subrogation claims resulting from medical treatment costs caused by a third party's negligence or fault. It is essential to consult with legal professionals specializing in insurance law to ensure that a Maine Subrogation Agreement adequately protects the interests of both the insurer and the insured.