A Subrogation Settlement Agreement is utilized when an insurance company, having paid a claim to its insured, reaches a settlement with the party responsible for the loss. This document, governed by English and Welsh law, crystallizes the terms of settlement, including the agreed payment amount, release of claims, and confirmation of the insurer's subrogation rights. It provides legal certainty to all parties and helps prevent future disputes by clearly documenting the settlement terms and conditions. The agreement is particularly important in complex insurance claims where multiple parties may be involved and significant sums are at stake.
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1. Parties: Identifies all parties to the agreement including the subrogating insurer and the defendant
2. Background: Sets out the context of the claim, the original loss, insurance payment, and basis for subrogation
3. Definitions: Defines key terms used throughout the agreement including 'Claim', 'Loss', 'Settlement Sum' and 'Subrogated Rights'
4. Settlement Amount: Specifies the agreed settlement sum and payment terms including method and timing of payment
5. Release: Details the scope of claims being released and waiver of future claims related to the settled matter
6. Subrogation Rights: Specifies the rights being transferred through subrogation and confirmation of the insurer's right to pursue these
1. Confidentiality: Required when parties wish to keep settlement terms private, including scope of confidentiality and permitted disclosures
2. Future Claims: Addresses handling of potential future related claims and allocation of liability
3. Tax Provisions: Addresses tax implications of the settlement and responsibility for any tax liabilities
1. Schedule of Losses: Detailed breakdown of claims being settled including amounts and categories of loss
2. Payment Schedule: Details of payment installments including dates, amounts, and payment instructions if applicable
3. Original Insurance Policy: Copy of relevant insurance policy giving rise to subrogation rights and payment details
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