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.
Virgin Islands Waivers of Subrogation are legal agreements that allow parties involved in a contract or insurance policy to waive their rights to seek reimbursement from one another in the event of a loss. This essentially prevents one party's insurance company from seeking subrogation against the other party for damages covered under the policy. In the Virgin Islands, there are two main types of Waivers of Subrogation: 1. General Waiver of Subrogation: This type of waiver applies to all parties involved in a contract or insurance policy. It typically extends to both the parties' insurance companies, preventing them from pursuing subrogation claims against each other. General Waivers of Subrogation are commonly used in construction contracts, lease agreements, and other commercial agreements. 2. Limited Waiver of Subrogation: This type of waiver is more specific and applies only to certain types of losses or damages outlined in the contract or insurance policy. For example, a contractor and property owner may agree to a limited waiver of subrogation for property damage caused by the contractor's work during construction. Limited Waivers of Subrogation are often included in professional service contracts, rental agreements, and other similar arrangements. Keywords: Virgin Islands, Waivers of Subrogation, legal agreements, contract, insurance policy, reimbursement, loss, parties, subrogation, damages, insurance company, General Waiver of Subrogation, Limited Waiver of Subrogation, construction contracts, lease agreements, commercial agreements, property owner, contractor, construction, professional service contracts, rental agreement.
