Subrogation Settlement Agreement Template for Philippines

1. Parties: Identifies all parties to the agreement: the insurer (subrogee), the insured (subrogor), and the third party (typically the party responsible for the loss)

2. Background: Describes the original incident, the insurance claim, payment made by the insurer, and the basis for the subrogation claim

3. Definitions: Defines key terms used throughout the agreement, including 'Claim', 'Loss', 'Settlement Amount', and 'Subrogation Rights'

4. Settlement Amount: Specifies the agreed settlement sum and payment terms, including payment method and deadline

5. Release and Discharge: Details the scope of the release granted upon payment of the settlement amount

6. Subrogation and Assignment: Formally documents the transfer of rights from the insured to the insurer

7. Representations and Warranties: Contains statements of fact and guarantees made by each party

8. Confidentiality: Sets out obligations regarding the confidentiality of the settlement terms

9. Governing Law and Jurisdiction: Specifies Philippine law as governing law and designates jurisdiction for disputes

10. Execution: Signature blocks and execution formalities

1. Schedule 1 - Claim Details: Detailed description of the original incident and insurance claim

2. Schedule 2 - Payment Details: Breakdown of the settlement amount and payment instructions

3. Schedule 3 - Required Documents: List of documents to be exchanged upon settlement

4. Schedule 4 - Original Insurance Policy: Details of the relevant insurance policy under which subrogation rights arise

5. Appendix A - Power of Attorney: If applicable, authorization documents for parties signing on behalf of others

6. Appendix B - Corporate Authorizations: Required corporate resolutions or authorizations for entering into the agreement