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.
Virginia Waivers of Subrogation, also commonly referred to as Virginia Waiver of Subrogation clauses, are legal provisions used in contracts and insurance policies that waive the right of an insurance company or party to pursue subrogation in certain situations. Subrogation is the act of an insurance company seeking reimbursement from a third party for costs paid out on behalf of the insured party. In Virginia, there are primarily two types of waivers of subrogation: specific waivers and blanket waivers. A specific waiver of subrogation is limited to a particular contract or project, where the parties involved agree to waive their rights to surrogate against one another. This type of waiver typically specifies the limits and duration of the waiver, ensuring that parties are protected from subrogation claims arising from that specific contract. On the other hand, a blanket waiver of subrogation in Virginia is a more general waiver that extends beyond a single contract or project. It applies to all parties involved in a particular venture or relationship, such as multiple contracts within a construction project. By including a blanket waiver of subrogation, the parties involved agree to waive their rights to pursue subrogation against each other, regardless of the specific contracts involved. Keywords: Virginia Waivers of Subrogation, Virginia Waiver of Subrogation clauses, legal provisions, contracts, insurance policies, subrogation, reimbursement, third party, specific waivers, blanket waivers, contract, project, limits, duration, parties, protected, subrogation claims, single contract, multiple contracts, construction project, venture, relationship.
