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Waiver of Subrogation. A waiver of subrogation is an agreement by an insured person to leave his insurance company out of the claim. This comes into play when an individual who caused damages wants to settle the matter directly with the other partyâs insurance company.
What is 'Subrogation' Subrogation is a term describing a legal right held by most insurance carriers to legally pursue a third party that caused an insurance loss to the insured. This is done in order to recover the amount of the claim paid by the insurance carrier to the insured for the loss. BREAKING DOWN 'Subrogation'