The Release Of Claim And Subrogation Receipt is a critical document in Canadian insurance and legal practice, used when an insurance claim is being settled and the insurer wishes to preserve its right to pursue recovery from third parties. This document is typically employed after an insurance company has paid a claim to its insured and wants to pursue its subrogation rights against potentially responsible third parties. The document must comply with both federal Canadian law and provincial insurance regulations, making it essential to adapt the language and requirements based on the specific province or territory where it's being used. It contains detailed information about the original claim, the settlement amount, the parties involved, and explicit language transferring the insured's rights to the insurance company. The document serves as both a final settlement receipt and a formal transfer of legal rights, making it particularly important in cases involving property damage, personal injury, or professional liability claims.
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1. Parties: Identifies all parties to the agreement, including the releasor (typically the insured), releasee (typically the party being released from claims), and the insurer receiving subrogation rights
2. Background: Describes the incident or circumstance giving rise to the claim, the insurance policy details, and any payments made or to be made
3. Definitions: Defines key terms used in the document, including 'Claim', 'Settlement Amount', 'Released Parties', and 'Subrogated Rights'
4. Consideration: States the settlement amount or other consideration being provided in exchange for the release
5. Release: The formal release language releasing all claims against the specified parties
6. Subrogation Assignment: Formal assignment of rights to the insurer and acknowledgment of their right to pursue claims
7. Representations and Warranties: Statements confirming the releasor's authority to release claims and that the claims haven't been previously assigned
8. Entire Agreement: Confirms that the document represents the complete agreement between parties
9. Governing Law: Specifies that Canadian law governs the agreement and identifies the specific province/territory
10. Execution: Signature blocks and witness requirements
1. Confidentiality: Include when the parties wish to keep the settlement terms confidential
2. Non-Admission of Liability: Include when the releasee wishes to explicitly state that the settlement does not constitute an admission of liability
3. Future Claims: Include when there's a need to address potential future claims that haven't yet manifested
4. Tax Implications: Include when the settlement amount has significant tax implications that need to be addressed
5. Independent Legal Advice: Include when one or more parties should acknowledge they had the opportunity to seek independent legal advice
6. Survival: Include when certain provisions need to survive the execution of the release
7. Multiple Insurers: Include when multiple insurers are involved with varying degrees of subrogation rights
1. Schedule A - Incident Details: Detailed description of the incident or circumstances giving rise to the claim
2. Schedule B - Payment Details: Breakdown of the settlement amount and payment terms
3. Schedule C - Insurance Policy Details: Relevant details from the insurance policy relating to the subrogation rights
4. Schedule D - Released Claims: Comprehensive list of all claims being released
5. Appendix 1 - Supporting Documents: List of relevant documents such as accident reports, medical records, or damage assessments
Relevant legal definitions
Agreement
Claim
Effective Date
Incident
Insurance Policy
Insured
Insurer
Loss
Parties
Policy Period
Release
Released Claims
Released Parties
Releasor
Releasee
Settlement Amount
Settlement Payment
Subrogated Rights
Subrogation
Third Party
Underlying Incident
Consideration
Related Claims
Representatives
Successors and Assigns
Claim
Effective Date
Incident
Insurance Policy
Insured
Insurer
Loss
Parties
Policy Period
Release
Released Claims
Released Parties
Releasor
Releasee
Settlement Amount
Settlement Payment
Subrogated Rights
Subrogation
Third Party
Underlying Incident
Consideration
Related Claims
Representatives
Successors and Assigns
Clauses
Identification of Parties
Recitals
Definitions
Release
Subrogation
Consideration
Payment Terms
Representations and Warranties
Indemnification
Confidentiality
Non-Admission of Liability
Governing Law
Jurisdiction
Entire Agreement
Severability
Amendment
Assignment
Notice
Waiver
Binding Effect
Independent Legal Advice
Further Assurances
Counterparts
Authority
Execution
Recitals
Definitions
Release
Subrogation
Consideration
Payment Terms
Representations and Warranties
Indemnification
Confidentiality
Non-Admission of Liability
Governing Law
Jurisdiction
Entire Agreement
Severability
Amendment
Assignment
Notice
Waiver
Binding Effect
Independent Legal Advice
Further Assurances
Counterparts
Authority
Execution
Relevant Industries
Insurance
Legal Services
Risk Management
Healthcare
Construction
Manufacturing
Transportation
Real Estate
Retail
Professional Services
Public Sector
Financial Services
Relevant Teams
Legal
Risk Management
Insurance Operations
Claims Processing
Compliance
Corporate Affairs
Policy Administration
Settlement Administration
Document Management
Client Relations
Relevant Roles
Insurance Claims Manager
Risk Manager
Legal Counsel
Claims Adjuster
Insurance Underwriter
Compliance Officer
Settlement Officer
Insurance Broker
Corporate Counsel
Risk Assessment Specialist
Policy Administrator
Legal Operations Manager
Insurance Operations Director
Claims Investigation Supervisor
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