Subrogation and Recovery Clause Samples
The Subrogation and Recovery clause establishes the right of an insurer or a party who has paid a loss to step into the shoes of the insured to pursue recovery from third parties responsible for the loss. In practice, after compensating the insured for a covered claim, the insurer may seek reimbursement from the party at fault, often through legal action or settlement. This clause ensures that the party ultimately responsible for the loss bears the financial burden, and it helps prevent the insured from receiving a double recovery for the same incident.
Subrogation and Recovery. As required by the Plan and mutually agreed upon by the Trustee and CAS, CAS may pursue rights of subrogation and recovery on behalf of Employer’s Plan. CAS reserves the right to subcontract for the performance of these subrogation services. Trustee shall cooperate with CAS or any such subcontractor in the recovery effort.
Subrogation and Recovery. In the event the Reinsured has any rights of subrogation, salvage, recovery or claims reimbursement or rights against any person or entity who or which may be legally responsible in damages for any loss that is the subject of a valid claim under an Issued Contract (individually and collectively, “Recoveries”), the Reinsured shall use its best efforts to pursue such Recoveries, provided that, so long as the Reinsurer is not in default of its obligations under this Agreement, the Reinsurer shall have the sole right to direct the Reinsured (and the Reinsured shall act in accordance with the direction of the Reinsurer) in connection with any right of Recovery. The Reinsured shall account to, and credit, the Reinsurer with the Quota Share Percentage of any Recoveries (after deduction of the costs of obtaining such Recoveries) received or recovered by the Reinsured. This provision shall survive the Term and remain in effect until all Recoveries relating to any claim paid by the Reinsurer hereunder shall have been obtained.
Subrogation and Recovery. In the event the Reinsured has any rights of subrogation, salvage, recovery or claims reimbursement or rights against any person or entity who may be legally responsible in damages for any loss that is the subject of a valid claim under a Policy (individually and collectively, “Recoveries”), the Reinsured shall pursue such Recoveries. Notwithstanding the foregoing, the Reinsured shall only be obliged to enforce its rights of Recovery to the extent that the Reinsured reasonably believes that such exercise may be economically worthwhile. The Reinsured shall have complete and sole control of the direction of all salvage remedies, and the Reinsurer shall be bound by the judgment of the Reinsured with respect thereto; provided, however, in the event the Reinsured fails to proceed to recoup any claim paid by the Reinsurer or in the event of the temporary or permanent discontinuance of the business of the Reinsured or the insolvency of the Reinsured, the Reinsurer shall have the right to assume and control enforcement of all of the rights of the Reinsured to recoup any claim paid by the Reinsurer hereunder and the Reinsured shall cooperate fully with the Reinsurer in relation thereto. The Reinsured shall account to, and credit, the Reinsurer with the Reinsurer’s Quota Share Percentage of any Recoveries (after deduction of the costs of obtaining such Recoveries) received or recovered by the Reinsured. This provision shall survive the Term and remain in effect until all recoveries, salvages or reimbursements relating to any claim paid by the Reinsurer hereunder shall have been obtained.
Subrogation and Recovery. To the extent it pays any Damages or Claim Expenses, the Insurer shall be subrogated to all the Insureds rights of recovery therefor, including without limitation an Insureds right to indemnification or advancement from the Insured Entity. The Insureds shall execute all papers necessary to secure such rights, including executing any documents necessary to enable the Insurer effectively to bring suit in their name, and shall take no action which impairs the Insurer's rights of subrogation or recovery.
Subrogation and Recovery. In the event of any payment under this POLICY, the Insurer shall be subrogated to all rights of recovery against any person and the Insured shall execute and deliver instruments and papers and render assistance to secure such rights. The Insured shall do nothing after loss to prejudice such rights. Any recoveries, whether effected by the Insurer or by the Named Insured, shall be applied net of the expense of such recovery first to the Insurer as reimbursement of amounts paid in settlement of any Claim including Defence Costs incurred by the Insurer, secondly, to the Named Insured in satisfaction of any retention within the Group Deductible and finally to the Insured in satisfaction of any retention within the Individual Deductible.
Subrogation and Recovery. To the extent it pays any Non-Indemnified Loss, the Insurer shall be subrogated to all the Insured Persons’ rights of recovery therefor, including without limitation an Insured Persons’ right to indemnification or advancement from the Entity, or any Underlying Insurance. The Entity and Insured Persons shall execute all papers necessary to secure such rights, including executing any documents necessary to enable the Insurer effectively to bring suit in their name, and shall take no action which impairs the Insurer's rights of subrogation or recovery. The Insurer shall not exercise its right to subrogate against any Insured Person unless and to the extent that Exclusion 4, Illegal Profits/Deliberate Acts is applicable to such Insured Person.
Subrogation and Recovery. 1. In the event of any payment under this Policy, the Insurer shall be subrogated to all of the Insureds’ rights of recovery and the Company and Insured Persons shall execute all papers required and do everything that may be necessary to secure such rights, including the execution of such documents as may be necessary to enable the Insurer to effectively bring suit in the name of any Insured Persons or the Company. The Insurer shall not exercise any available right of subrogation against an Insured Person under this Policy.
2. In the event the Insurer recovers amounts it paid under this Policy, the Insurer will reinstate the applicable Limits of Liability of this Policy to the extent of such recovery, less the Insurer’s costs incurred in obtaining such recovery. The Insurer assumes no duty to seek a recovery of any amounts paid under this Policy.
Subrogation and Recovery. In the event of any payment under this POLICY, the Insurer shall be subrogated to all rights of recovery against any person and the Insured shall execute and deliver instruments and papers and render assistance to secure such rights subject to the Named Insured's duties and responsibilities under legislation related to real estate or the Named Insured in the Province of Ontario, including the Real Estate and Business Brokers Act and the regulations thereunder as from time to time amended, and every statute and regulation that may be substituted therefor or any successor legislation and/or the Administrative Agreement between the Named Insured and the Province of Ontario and/or the by-laws of the Named Insured and/or any applicable privacy laws. Any recoveries, whether effected by the Insurer or by the Named Insured, shall be applied net of the expense of such recovery first to the Insurer as reimbursement of amounts paid in settlement of any Claim and secondly, to the Named Insured in satisfaction of any retention within the Group Deductible and, finally, in satisfaction of any retention within the Individual Deductible. It is expressly agreed between the Insured and the Insurer that the Insurer shall be subrogated to all of the Insured’s rights of recovery including the value of any dishonest Registrant’s interest in any partnership as determined by closing the said partnership’s books as of the date of the discovery of the Occurrence by the Named Insured including any amounts owing to such dishonest Registrant by the said partnership, but in no event for more than the amount of coverage applicable to the INSURING AGREEMENTS of this POLICY. The Insurer expressly acknowledges that it shall waive all rights of recovery against any Registrant of the partnership in question who was neither an author, accomplice nor acting in collusion with the dishonest Registrant in respect of any Occurrence resulting in any Claim paid under this POLICY.
Subrogation and Recovery. In the event of any payment under this POLICY, the Insurer shall be further subrogated to all rights of recovery of the Insured against any person and the Insured and/or the Named Insured shall execute and deliver instruments and papers and render assistance to the Insurer to secure such rights subject to the Insured's and/or Named Insured’s duties and responsibilities under legislation related to real estate or the Named Insured in the Province of Ontario, including the Real Estate and Business Brokers Act and the regulations thereunder as from time to time amended, and every statute and regulation that may be substituted therefore or any successor legislation and/or the Administrative Agreement between the Named Insured and the Province of Ontario and/or the by-laws of the Named Insured and/or any applicable privacy laws. Any recoveries, effected by the Insurer, shall be applied net of the expense of such recovery first to the Insurer as reimbursement of amounts paid in settlement of any Claim and secondly, to the Named Insured in satisfaction of any retention within the Group Deductible and finally to the Insured in satisfaction of any retention within the Individual Deductible. The Insurer expressly waives all rights of subrogation or recovery against any Registrant of a corporation or partnership who is neither an author, accomplice nor acting in collusion with the dishonest registrant in respect of any Occurrence resulting in any Claim paid under the POLICY.
Subrogation and Recovery. (a) As a result of the payment by Lexington of certain amounts under the LPIC Policy prior to the Effective Date, the Settlement Amount and any Advances, in addition to all other rights, remedies and/or recoveries available to Lexington (including those relating to any Life Insurance Policy or beneficial interest of a related Premium Finance Borrower), Lexington shall be subrogated to all Imperial PFC’s rights of recovery against any Person solely in respect of any such payments, and Imperial PFC shall execute and deliver all instruments and papers reasonably requested by Lexington and do whatever else is commercially reasonable to secure any such rights, remedies and/or recoveries. Imperial PFC shall do nothing to prejudice such rights, remedies or recoveries.