New Mexico Subrogation Agreement Authorizing Insurer to Bring Action in Insured's Name

• Category: Insurance - Contracts
• State: Multi-State
• Control #: US-0554BG
• Format: Word; Rich Text

Description

Subrogation is commonly used in insurance matters. For example, on payment of a loss under an insurance policy, an insurer is entitled to be subrogated to the extent of any right of action the insured may have against a third party whose negligence or wro New Mexico Subrogation Agreement Authorizing Insurer to Bring Action in Insured's Name — Detailed Description Overview: A New Mexico Subrogation Agreement Authorizing Insurer to Bring Action in Insured's Name is a legal document that outlines the agreement between an insurance company and its insured party regarding subrogation rights. This agreement grants the insurer the authority to pursue legal action against a third party who caused damages or injuries to the insured, enabling the insurer to recover the costs they incurred in compensating the insured. Keywords: New Mexico, subrogation agreement, authorizing insurer, bring action, insured's name, insurance company, legal document, subrogation rights, damages, injuries, third party, recover, costs, compensating insured. Types of New Mexico Subrogation Agreement Authorizing Insurer to Bring Action in Insured's Name: 1. Personal Injury Subrogation Agreement: This type of agreement is used when an insured has sustained personal injuries due to the actions or negligence of a third party. The insurer is authorized to initiate legal proceedings on behalf of the insured, seeking to recover the medical expenses, lost wages, and other damages incurred. 2. Property Damage Subrogation Agreement: In cases where an insured's property, such as a vehicle or real estate, has been damaged by a third party, this agreement empowers the insurer to bring legal action. The insurer aims to recover the costs associated with repairing or replacing the damaged property on behalf of the insured. 3. Workers' Compensation Subrogation Agreement: When an insured individual suffers an on-the-job injury caused by a third party, this type of agreement allows the insurer to pursue a subrogation claim. The insurer seeks reimbursement for the workers' compensation benefits paid out to the insured employee. 4. Medical Expense Subrogation Agreement: In situations where the insured's medical expenses have been paid by the insurer, but a third party is liable for causing the injuries, this agreement authorizes the insurer to sue the responsible party. The goal is to recover the medical costs borne by the insurer on behalf of the insured. 5. Contractual Subrogation Agreement: In some cases, a subrogation agreement may be included within the terms of an existing contract between the insurer and the insured. This agreement stipulates the insurer's right to bring legal action against a third party on behalf of the insured, in case of certain specified circumstances. By utilizing the New Mexico Subrogation Agreement Authorizing Insurer to Bring Action in Insured's Name, the insurer can efficiently exercise subrogation rights and obtain the necessary compensation to mitigate financial losses incurred by providing coverage to their insured parties.

New Mexico Subrogation Agreement Authorizing Insurer to Bring Action in Insured's Name — Detailed Description Overview: A New Mexico Subrogation Agreement Authorizing Insurer to Bring Action in Insured's Name is a legal document that outlines the agreement between an insurance company and its insured party regarding subrogation rights. This agreement grants the insurer the authority to pursue legal action against a third party who caused damages or injuries to the insured, enabling the insurer to recover the costs they incurred in compensating the insured. Keywords: New Mexico, subrogation agreement, authorizing insurer, bring action, insured's name, insurance company, legal document, subrogation rights, damages, injuries, third party, recover, costs, compensating insured. Types of New Mexico Subrogation Agreement Authorizing Insurer to Bring Action in Insured's Name: 1. Personal Injury Subrogation Agreement: This type of agreement is used when an insured has sustained personal injuries due to the actions or negligence of a third party. The insurer is authorized to initiate legal proceedings on behalf of the insured, seeking to recover the medical expenses, lost wages, and other damages incurred. 2. Property Damage Subrogation Agreement: In cases where an insured's property, such as a vehicle or real estate, has been damaged by a third party, this agreement empowers the insurer to bring legal action. The insurer aims to recover the costs associated with repairing or replacing the damaged property on behalf of the insured. 3. Workers' Compensation Subrogation Agreement: When an insured individual suffers an on-the-job injury caused by a third party, this type of agreement allows the insurer to pursue a subrogation claim. The insurer seeks reimbursement for the workers' compensation benefits paid out to the insured employee. 4. Medical Expense Subrogation Agreement: In situations where the insured's medical expenses have been paid by the insurer, but a third party is liable for causing the injuries, this agreement authorizes the insurer to sue the responsible party. The goal is to recover the medical costs borne by the insurer on behalf of the insured. 5. Contractual Subrogation Agreement: In some cases, a subrogation agreement may be included within the terms of an existing contract between the insurer and the insured. This agreement stipulates the insurer's right to bring legal action against a third party on behalf of the insured, in case of certain specified circumstances. By utilizing the New Mexico Subrogation Agreement Authorizing Insurer to Bring Action in Insured's Name, the insurer can efficiently exercise subrogation rights and obtain the necessary compensation to mitigate financial losses incurred by providing coverage to their insured parties.