Common use of Waiver of Right of Recovery Clause in Contracts

Waiver of Right of Recovery. To the extent that any loss or damage to the Premises, the Building, the Project, any building, structure or other tangible property, or resulting loss of income, or losses under workers’ compensation laws and benefits, are covered by insurance, neither party shall be liable to the other party or to any insurance company insuring the other party (by way of subrogation or otherwise), even though such loss or damage might have been occasioned by the negligence of such party, its agents or employees.

Waiver of Right of Recovery. To the extent that any loss or damage to the Premises, the Building, the Project, any building, structure or any other tangible property, or resulting loss of income, or losses under workers’ compensation laws and benefits, are covered by insurance, the parties agree that neither party shall be liable to the other party or to any insurance company insuring the other party (by way of subrogation or otherwise), even though such loss or damage might have been occasioned by the negligence of such party, its agents or employees; provided, however, that if by reason of the waiver, either party shall be unable to obtain any such insurance, such waiver shall be deemed not to have been made by such party.