The Subrogation Agreement is a critical document in Nigerian insurance practice, used when an insurer has paid a claim to its insured and wishes to pursue recovery rights against third parties responsible for the loss. This document becomes necessary immediately after claim settlement and before the insurer initiates recovery proceedings. It must comply with Nigerian federal insurance legislation, particularly the Insurance Act 2003 and relevant state laws. The agreement typically includes details of the original insurance policy, the loss event, the claim payment, and specific provisions about how the recovery process will be managed. It's particularly important in cases involving significant claims where third-party liability is evident and recovery potential exists.
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1. Parties: Identifies and defines the parties to the agreement - typically the Insurer and the Insured
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. Grant of Subrogation Rights: Core provision that transfers the insured's rights of recovery to the insurer
5. Consideration: States the consideration for the agreement, typically referring to the insurance payment made
6. Insured's Obligations: Details the insured's duties to assist with the recovery process and maintain the validity of the claim
7. Cooperation Requirements: Specifies how the insured must cooperate with the insurer in pursuing the claim
8. Representations and Warranties: The insured's confirmations regarding the validity of the claim and their rights
9. Confidentiality: Provisions regarding the confidential treatment of information
10. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and sets out jurisdiction for disputes
11. Execution: Signature blocks and execution formalities
1. Multiple Insurers: Required when more than one insurer is involved in the subrogation, detailing the priority and coordination of rights
2. Partial Subrogation: Needed when the insurer has only paid part of the loss, detailing how recovery proceeds will be shared
3. Assignment Rights: Include when either party may need to assign their rights under the agreement
4. Alternative Dispute Resolution: Optional provisions for mediation or arbitration before court proceedings
5. Recovery Expenses: Detailed provisions about who bears the costs of recovery proceedings
6. Limitation of Liability: Caps on liability for breach of the agreement obligations
1. Schedule 1 - Insurance Policy Details: Details of the underlying insurance policy including policy number, period, and relevant terms
2. Schedule 2 - Loss Details: Detailed description of the loss event and quantum of claim paid
3. Schedule 3 - Recovery Rights: Specific details of the rights being subrogated and any known third parties against whom rights exist
4. Schedule 4 - Required Documentation: List of documents the insured must provide to support the recovery action
5. Appendix A - Power of Attorney: If required, formal power of attorney document for the insurer to act in the insured's name
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