Subrogation Release Form for India

Subrogation Release Form Template for India

A Subrogation Release Form is a legal document used in the Indian insurance context that facilitates the transfer of rights from an insured party to their insurance company after a claim settlement. The document enables the insurance company to pursue recovery against third parties responsible for the loss, while providing a clear release of claims between the insured and the insurer. It is governed by Indian insurance and contract law, particularly the Insurance Act of 1938 and related IRDAI regulations, and includes essential details about the claim, settlement amount, and terms of the rights transfer.

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What is a Subrogation Release Form?

The Subrogation Release Form is a crucial document in Indian insurance practice, used when an insurance company has paid a claim to its insured and wishes to pursue recovery rights against a third party responsible for the loss. This document serves multiple purposes: it confirms the settlement between the insurer and the insured, formally transfers the right of recovery to the insurance company, and releases relevant parties from further claims related to the incident. The form must comply with Indian insurance regulations, particularly the Insurance Act of 1938 and IRDAI guidelines, and is commonly used across various types of insurance claims including property damage, personal injury, and commercial losses. The document typically includes details of the original claim, settlement amount, and specific terms of the subrogation rights transfer.

What sections should be included in a Subrogation Release Form?

1. Parties: Identification of the insurer, insured, and any third parties involved in the claim

2. Background: Brief description of the incident, resulting loss, and insurance claim details

3. Definitions: Key terms used in the document including 'Claim', 'Loss', 'Settlement Amount', and 'Subrogation Rights'

4. Settlement Amount: Statement of the agreed settlement amount and payment terms

5. Release and Discharge: Express statement releasing and discharging the party from all claims related to the incident

6. Transfer of Rights: Clear statement transferring all rights of recovery to the insurance company

7. Representations and Warranties: Statements confirming the authority to execute the release and the validity of the claim

8. Governing Law: Specification that Indian law governs the agreement

9. Execution: Signature blocks and execution formalities

What sections are optional to include in a Subrogation Release Form?

1. Confidentiality: Terms regarding confidentiality of the settlement and claim details, used when sensitive information is involved

2. Partial Subrogation: Special provisions for cases where only part of the claim amount is being subrogated

3. Multiple Insurers: Additional provisions when multiple insurance companies are involved in the claim

4. Future Claims: Provisions regarding potential future claims arising from the same incident

5. Indemnification: Additional indemnification provisions, used in complex cases with potential third-party claims

What schedules should be included in a Subrogation Release Form?

1. Schedule A - Incident Details: Detailed description of the incident, including date, location, and circumstances

2. Schedule B - Claim Documentation: List of all relevant claim documents, including policy numbers and claim references

3. Schedule C - Settlement Calculation: Detailed breakdown of the settlement amount and any deductions

4. Appendix 1 - Supporting Documents: Copies of relevant supporting documents such as police reports, medical reports, or damage assessments

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Free to use

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What is a Subrogation Release Form?

What sections should be included in a Subrogation Release Form?

What sections are optional to include in a Subrogation Release Form?

What schedules should be included in a Subrogation Release Form?

Authors

Alex Denne

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