A Subrogation Settlement Agreement is utilized when an insurance company, having paid a claim to its insured, seeks to recover the paid amount from a third party responsible for the loss. Under Singapore law, this document formalizes the settlement terms between the insurer exercising its subrogation rights and the liable party. The agreement includes essential details such as the original claim circumstances, settlement amount, payment terms, and mutual releases. It serves as a final resolution of the matter, preventing future claims relating to the same incident and providing certainty for all parties involved.
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1. Parties: Identification of all parties to the agreement including insurer, insured, and third party
2. Background: Details of the original claim, insurance policy, and circumstances leading to subrogation
3. Definitions: Key terms used tHRoughout the agreement
4. Settlement Amount: Specific amount agreed upon for settlement
5. Payment Terms: Timeline and method of payment
6. Release and Discharge: Mutual release of claims related to the incident
7. Governing Law: Specification of Singapore law as governing law
1. Confidentiality: Terms of confidentiality when parties wish to keep settlement terms private
2. Non-Admission of Liability: Statement that settlement does not constitute admission of liability, typically requested by settling party
3. Costs: Allocation of legal and other costs when these need to be specifically addressed
4. Further Assurance: Obligation to execute further documents if needed, used for complex settlements requiring additional documentation
1. Schedule 1 - Original Insurance Policy: Copy of relevant insurance policy
2. Schedule 2 - Claim Documents: Documentation of original claim and loss
3. Schedule 3 - Payment Schedule: If payment is to be made in installments
4. Schedule 4 - Related Correspondence: Key correspondence between parties leading to settlement
Relevant legal definitions
Agreement
Claim
Effective Date
Incident
Insurance Policy
Insured
Insured Property
Insurer
Loss
Original Claim
Parties
Payment Date
Policy
Release
Settlement Amount
Settlement Payment
Subrogated Rights
Subrogation Claim
Third Party
Third Party Insurer
Business Day
Confidential Information
Liability
Dispute
Related Documents
Claim
Effective Date
Incident
Insurance Policy
Insured
Insured Property
Insurer
Loss
Original Claim
Parties
Payment Date
Policy
Release
Settlement Amount
Settlement Payment
Subrogated Rights
Subrogation Claim
Third Party
Third Party Insurer
Business Day
Confidential Information
Liability
Dispute
Related Documents
Clauses
Recitals
Definitions
Settlement Terms
Payment
Release and Discharge
Subrogation Rights
Representations and Warranties
Confidentiality
Non-Admission of Liability
Further Assurance
Entire Agreement
Assignment
Severability
Waiver
Notices
Costs
Amendment
Force Majeure
Dispute Resolution
Governing Law
Jurisdiction
Counterparts
Third Party Rights
Time of Essence
Indemnification
Definitions
Settlement Terms
Payment
Release and Discharge
Subrogation Rights
Representations and Warranties
Confidentiality
Non-Admission of Liability
Further Assurance
Entire Agreement
Assignment
Severability
Waiver
Notices
Costs
Amendment
Force Majeure
Dispute Resolution
Governing Law
Jurisdiction
Counterparts
Third Party Rights
Time of Essence
Indemnification
Relevant Industries
Relevant Teams
Relevant Roles
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