Common use of Insurance and Waiver of Subrogation Clause in Contracts

Insurance and Waiver of Subrogation. 12.1 Each of Asset Manager and Owner agree that with respect to insurance which either of them may from time to time carry and which relates to liability for matters relating to the Assets or to this Agreement, each shall, if possible and economically practical, cause the other to be named as an additional insured under all such policies. With respect to any policies in which either is not named as an additional insured, each hereby waives any and all claims and rights to recovery against the other or against the officers, employees, agents and representatives of the other on account of loss or damage occasioned to such waiving party or its property or the property of others under its control to the extent that such loss or damage is insured under any insurance policies which either may have in force at the time of such loss or damage. If required by an insurer, each party shall, upon obtaining policies of insurance of the type enumerated above, give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Agreement and each shall cause such insurance policy to provide that the insurance company waives all rights of recovery by way of subrogation against another party hereto in connection with any liability covered by such policy.