Definition and Example. Imagine that you are walking along the sidewalk of a busy road with a group of friends. It's a hot, humid, and sunny day. Everyone is wearing shorts and loose clothing to battle the heat. You look to your left and see a man in a long fur coat and a tall pair of winter boots.
A waiver is the voluntary relinquishment or surrender of some known right or privilege. Regulatory agencies or governments may issue waivers to exempt companies from certain regulations. For example, a United States law restricted the size of banks, but when banks exceeded these sizes, they obtained waivers.
Waiver of Subrogation. There are certain situations where it makes sense to waive the right of subrogation. Leases, for example, frequently contain a provision stating that the landlord and tenant waive rights of recovery against one another to the extent the loss is covered by insurance. Hold Harmless Agreement It is impossible, however, to talk about âwaiver of subrogationâ without mentioning the issue of a hold-harmless agreement. These waivers are