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646.33 Subrogation and cooperation. (1) Subrogation. (a) Upon payment to any loss claimant the fund is subrogated to the claimant's full right of recovery against the insurer and, to the same extent the insurer would have been subrogated, against any liquidator and any 3rd person.
The theory behind a subrogation clause is that the insurance company should not have to bear the loss when someone else was to blame for the damages. Once the insurance company has paid the claim to the policyholder, it may look to see whether it can take legal action against another party to recover its losses.
If you do not respond to the subrogation letter, you may continue to receive subrogation letters. At some point, the insurance company may file a lawsuit against you. If you were found to have been liable for the accident, then the court will likely enter a judgment against you.
This right is called subrogation and is an equitable doctrine. A person can satisfy his/her loss that is created by the wrongful act or omission of another person by stepping into the shoes of another and recovering on the claim from the wrongdoer.
628.46 Timely payment of claims. (1) Unless otherwise provided by law, an insurer shall promptly pay every insurance claim. A claim shall be overdue if not paid within 30 days after the insurer is furnished written notice of the fact of a covered loss and of the amount of the loss.
(1) Subrogation. (a) Upon payment to any loss claimant the fund is subrogated to the claimant's full right of recovery against the insurer and, to the same extent the insurer would have been subrogated, against any liquidator and any 3rd person.
A subrogation receipt transferring the insured's entire causes of action to the insurer allows the insurer to recover in the insured's name for the entire loss, not just to the extent of its payment.
Simply put, subrogation protects you and your insurer from paying for losses that aren't your fault. It's common in auto, health insurance and homeowners policies. It lets your insurer pursue the person at fault to recover the money paid out for a claim that wasn't your fault.