Blanket Waiver of Subrogation where required by written contract: the Carrier gives up or waives their right to subrogate, or attempt to collect or share in the responsibility of a loss for a requiring entity.
Policyholders purchasing product recall insurance should also consider risks associated with insurance company subrogation rights and negotiate a waiver of subrogation where appropriate.
The liability enhancements covered under Solutions for Contractors are blanket additional insured, blanket waiver of subrogation, aggregate limits per project, coverage for damage to borrowed equipment, and extended medical payments.
The policy includes: -- Coverage for past joint ventures or partnerships in which the insured has participated -- Blanket waiver of subrogation clause, typically needed by contractors before starting a job -- Broadened definition of bodily injury to include shock, mental injury, disability, mental anguish and humiliation -- Coverage for any nonowned water craft -- No exclusion for work within 50 feet of a railroad or for a contract with a railroad -- Expanded definition of insureds includes owners of premises leased by the contractor and political subdivisions that issue work permits to the insured contractor Interested parties may have their agent or broker contact their local Construction vice president or account executive for more information on this product.
The applicability of the waiver of subrogation clause (contained in Article 9(e) of the REBNY lease) is an important element in determining a tenant's right to claim business interruption as a result of repair or destruction to the premises.
