The Waiver of Subrogation General Liability agreement is essential in business relationships where multiple parties collaborate and want to minimize insurance-related conflicts. This document, governed by U.S. federal and state insurance laws, prevents insurance companies from pursuing recovery against specified third parties after paying a claim under a general liability policy. It's particularly important in contracts where parties wish to maintain positive business relationships by avoiding subrogation claims, typically used in construction, real estate, and commercial leasing arrangements.
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1. Parties: Identification of all parties involved in the waiver
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used in the waiver agreement including insurance-related terminology
4. Scope of Waiver: Specific rights being waived and extent of the waiver of subrogation
5. Duration: Time period for which the waiver is effective
6. Governing Law: Jurisdiction and applicable law governing the waiver agreement
1. Insurance Requirements: Detailed requirements for insurance coverage and minimum limits
2. Claims Procedures: Process for handling claims and notifications under the waiver
3. Notice Requirements: Specific requirements for providing notice between parties
1. Schedule A - Insurance Certificates: Copies of current insurance certificates evidencing coverage
2. Schedule B - Property Schedule: List of properties or operations covered by the waiver
3. Schedule C - Additional Insured Endorsements: Copies of relevant insurance endorsements showing waiver of subrogation
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