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Subrogation Agreement
"I need a Subrogation Agreement under New Zealand law for my insurance company to pursue recovery rights against a third-party logistics company following a NZD 500,000 payment for damaged cargo in March 2025."
1. Parties: Identifies and defines the parties to the agreement - typically the insurer, the insured, and any other relevant parties
2. Background: Sets out the context of the agreement, including details of the insurance policy, the loss event, and the payment made by the insurer
3. Definitions: Defines key terms used throughout the agreement
4. Consideration: States the consideration being provided, typically the insurance payment made or to be made
5. Assignment of Rights: Details the transfer of recovery rights from the insured to the insurer
6. Obligations of the Insured: Specifies the insured's duties to assist with recovery efforts and maintain claim integrity
7. Recovery Proceedings: Outlines how recovery proceedings will be conducted and managed
8. Distribution of Recoveries: Explains how any recovered amounts will be distributed between the parties
9. Representations and Warranties: Contains standard representations and warranties from both parties
10. General Provisions: Contains standard boilerplate clauses including governing law, notices, and amendment procedures
1. Multiple Insurers: Required when multiple insurers are involved in the subrogation arrangement, detailing their respective rights and responsibilities
2. Third Party Rights: Needed when third parties have interests in the recovery rights or proceeds
3. Costs and Expenses: Detailed section on cost allocation when complex recovery efforts are anticipated
4. Confidentiality: Required when sensitive commercial information is involved
5. Dispute Resolution: Detailed dispute resolution procedures for high-value or complex cases
6. Power of Attorney: Required when the insurer needs specific authority to act on behalf of the insured
1. Schedule 1: Insurance Policy Details: Details of the relevant insurance policy including policy number, coverage, and relevant terms
2. Schedule 2: Loss Details: Specific details of the loss event and insurance claim
3. Schedule 3: Payment Details: Details of the insurance payment made or to be made
4. Schedule 4: Recovery Rights: Detailed description of the rights being transferred
5. Appendix A: Supporting Documents: Copies of relevant documentation such as insurance policy, claim forms, and payment records
6. Appendix B: Power of Attorney (if applicable): Form of power of attorney when required
Authors
Insurance
Legal Services
Financial Services
Risk Management
Healthcare
Construction
Manufacturing
Transport and Logistics
Property Management
Professional Services
Legal
Claims
Risk Management
Compliance
Operations
Underwriting
Policy Administration
Recovery
Contract Management
Insurance Operations
Insurance Claims Manager
Legal Counsel
Risk Manager
Compliance Officer
Claims Adjuster
Insurance Underwriter
Recovery Specialist
Insurance Operations Manager
Contract Administrator
Policy Manager
Insurance Broker
Legal Risk Analyst
Claims Recovery Officer
Insurance Policy Administrator
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