What is a Waiver of Subrogation?
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- čas přidán 13. 01. 2022
- Subrogation is usually defined as the substitution of one person for another in an insurance claim. Though the concept is a bit abstract, what it does and what it means for you is fairly straightforward. In today's video, I'll explain what subrogation is and why your insurance company may want to waive it.
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Wow, your video is awesome and it is super cool how you explained it so easily with such great examples. Thank you for uploading this video and this explanation.
Thank you Nidhi! Your kind words are greatly appreciated.
Very well explained!
Thank you @dane-lp7ur!
Really nice explanation
Thanks for this!
Our pleasure Joyce! Feel free to leave a comment any time you have a question we might be able to help you with 😀
Would you recommend striking this out if a landlord puts a waiver of subrogation in your commercial lease
Hi Laren, thank you for the question. It should be answered by your attorney though. Every sitiuatoin is different and if it's warrented it should be negotiated. I can say it's pretty common place and can be supported by most insurance policies. So if it's needed it should be relatively simple to find.
@@DopazoInsurance awesome. Thanks! After our insurer looked over the lease, they mentioned it wasn’t going to raise our premium
How do i get tha waiver of subrogation form?..i been asking the my insurance and they don't know.....
Hi Linda. What kind of policy do you need the Waiver of Subrogation on? e.g. General Liability, Business Auto, Workers Compensation
I’m so confused because I didn’t have health insurance but I got paid through a benefit program through my employer and they didn’t pay for any of my medical bills but paid me while I was out of work and now they are coming after my settlement idk what to do?
I'm sorry Manny. We can't speak to what's going on in your specific situation. I suggest that you consult an attorney with employment law experience ASAP.
How long does a company have before they can't use subrogation.
Hi Truth Setter. Not sure of the exact answer you are looking for, but a waiver of subrogation endorsement doesn't have an expiration date. So assuming that there is a proper waiver of subrogation endorsement in place, the carrier agrees not to subrogate against the entity on the endorsement or properly executed written agreement entered into prior to a loss (in the case of automatic coverage endorsements) for claims that occur during the policy period.
@Dopazo Insurance I do apologize for stupidity on this subject. But I'm just now starting to understand what subrogation means. Recently, I received a letter for a workes comp from a company for an accident that happened five years ago,The case was settled with my insurance company. I was just curious about how long an accident can come back to haunt a person?
@@Spammflavor Hi, not a stupid question, I just wanted to make sure I understood the question so I can best help. Unfortunately, lawsuits can come in well past the date an occurrence happens. It's limits are different based on quite a few different factors including the law where the occurrence occurred. So it's much longer than most people think. The longest one we've seen in our office was a claim filed 13 years after.
@Dopazo Insurance Wow!!! That's a long time. Well, my situation doesn't seem much different, I don't know many details about what settlement was given, I only know an agreement between the individual and my insurance company was reached. I am a little shocked that any settlement was given due to how minor the accident was. But one of the biggest questions I'm concerned about is how much of this subrogation can fall back on myself? don't have a lot of money, but I do own a home. I'm curious if there's a possibility this company will come after me. But I do appreciate all and any advice you're willing to help with regarding this unfortunate situation.
@@Spammflavor I can't speak to your specific claim or policy because our office didn't write it. Generally, though, subrogation is not something that happens between an insured and their insurance company. An insurance company usually cannot come back against the insured that purchased the policy unless there is some kind of fraud or misrepresentation.
If there is a standard covered claim on a general liability policy due to the negligence of an insured. Usually, the insured is only responsible for the deductible they choose when they purchase the policy.
Subrogation is usually between an insurance company and another negligent party. As an example, if a home burns down, and during the course of the investigation, it is determined that the source of the fire was a faulty appliance, the homeowners insurance company might subrogate against the manufacturer of the appliance to get back the money paid to the insured for the homeowners insurance claim.
Again I am speaking in generalities as I cannot discuss a policy we did not write ourselves.
You should consider reaching out to the claims department and/or adjuster for the claim so they can clearly tell you what is going on. There is no reason to be fearful of information you do not have. A simple call to them could help you get a better understanding of what you may be responsible for, if anything at all.
you still have to fight your own carrier and sometimes get a lawyer. insurance companies are all about protecting their bottom line. full stop.
Agreed, but that being said, that is true of every business. Every business protects its bottom line, and some use insurance to enhance that protection. Unfortunately too many times business owners don't realize that there is no 'one size fits all' when it comes to insurance contracts and that's where disputes tend to arise. That's why we make videos, to help small business ask more questions about their insurance, in the hopes that more informed decision will lead to a more expected outcome at the time of a loss.
there has got to be an easier way to explain subrogation...🤔
Thanks for your comment @myd0gr3x. Sorry you thought the explanation wasn't easy. Be glad to hop on a call if you have any questions that we can go over and help clear it up. You can reach out on our website www.dopazoinsurance.com and chat to get the link to schedule a call/zoom.