Subrogation Release Form - South Africa

Subrogation Release Form for South Africa

Subrogation Release Form Template for South Africa

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What is a Subrogation Release Form?

The Subrogation Release Form is a crucial document in South African insurance practice, used when an insurer has paid out a claim to their insured and wishes to preserve their right to recover the paid amount from a third party who may be responsible for the loss. This document is essential in various scenarios, from property damage to professional liability claims, and must comply with South African insurance legislation, particularly the Short-term Insurance Act 53 of 1998. The form typically includes details of the original claim, settlement amount, and explicit language transferring recovery rights to the insurer. It's commonly used in situations where there's potential third-party liability, and the insurer wants to maintain their legal right to pursue recovery while ensuring the insured party is appropriately compensated.

What sections should be included in a Subrogation Release Form?

1. Parties: Identification of all parties involved - the insurer, insured, and any third parties involved in the claim

2. Background: Details of the original insurance claim, including date, nature of loss, and claim reference numbers

3. Definitions: Key terms used in the document including 'Subrogation Rights', 'Original Claim', 'Settlement Amount', and other relevant terms

4. Settlement Amount: Clear statement of the settlement amount being paid

5. Release and Discharge: The formal release of rights and claims by the insured to the insurer

6. Acknowledgment of Rights: Acknowledgment of the insurer's right to pursue recovery against third parties

7. Warranty and Representation: Insured's warranty that they have not already settled with or released any third parties

8. Governing Law: Specification that South African law governs the agreement

9. Signature Block: Space for dated signatures of all parties

What sections are optional to include in a Subrogation Release Form?

1. Confidentiality: Required when the settlement terms need to remain confidential

2. Partial Release: Used when only certain aspects of the claim are being released

3. Third Party Rights: Required when specific third party rights need to be addressed or preserved

4. Further Assurance: Optional clause requiring parties to execute additional documents if needed

5. Witness Requirement: Added when additional formality is required for the execution

What schedules should be included in a Subrogation Release Form?

1. Schedule A - Claim Details: Detailed description of the original insurance claim and policy details

2. Schedule B - Settlement Calculation: Breakdown of the settlement amount and any deductions

3. Appendix 1 - Supporting Documents: List of relevant documentation such as policy numbers, claim forms, and correspondence

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions

Clauses

Relevant Industries

Insurance

Financial Services

Legal Services

Construction

Manufacturing

Transportation and Logistics

Real Estate

Healthcare

Retail

Professional Services

Relevant Teams

Legal

Claims

Risk Management

Compliance

Operations

Underwriting

Document Management

Recovery and Collections

Client Relations

Policy Administration

Relevant Roles

Claims Manager

Insurance Underwriter

Risk Manager

Legal Counsel

Compliance Officer

Insurance Broker

Claims Adjuster

Recovery Specialist

Insurance Administrator

Contract Manager

Legal Risk Analyst

Insurance Operations Manager

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What is a Subrogation Release Form?

What sections should be included in a Subrogation Release Form?

What sections are optional to include in a Subrogation Release Form?

What schedules should be included in a Subrogation Release Form?

Authors

Alex Denne

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