The Subrogation Agreement is a crucial document in Danish insurance practice, used when an insurer has paid a claim to its insured and seeks to recover the paid amount from a third party responsible for the loss. This document type is commonly employed across various sectors in Denmark, from property insurance to professional liability claims. The agreement must comply with Danish insurance law, particularly the Forsikringsaftaleloven, and should clearly document the transfer of rights, the scope of the subrogation, and the obligations of all parties involved. It typically includes details of the original claim, the amount paid, and the rights being transferred, while ensuring alignment with Danish legal principles and procedural requirements. The agreement serves as the foundation for any subsequent recovery actions the insurer may take against third parties.
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Key Requirements PROMPT example:
Subrogation Agreement
I need a Subrogation Agreement under Danish law for our insurance company to pursue recovery rights against a construction contractor following a major water damage claim payment of 2.5M DKK to our commercial property policyholder in March 2025.
1. Parties: Identification of the parties to the agreement, including the subrogating party (typically the insurer) and the party receiving the subrogation rights
2. Background: Context of the original claim, insurance coverage, and reason for subrogation
3. Definitions: Key terms used throughout the agreement, including 'Claim', 'Rights', 'Proceeds', etc.
4. Subrogation Rights: Detailed description of the rights being transferred, including scope and limitations
5. Consideration: Details of any payment or consideration for the transfer of rights
6. Representations and Warranties: Statements about the validity of the claim and rights being transferred
7. Obligations of the Parties: Specific duties of each party in relation to the subrogated claim
8. Enforcement Rights: Powers granted to pursue and enforce the subrogated claim
9. Costs and Expenses: Allocation of costs related to pursuing the subrogated claim
10. Notices: Process for formal communications between parties
11. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction for disputes
1. Multiple Claims Provisions: Required when the subrogation involves multiple underlying claims or incidents
2. Cross-Border Provisions: Needed when the underlying claim involves international elements
3. Confidentiality: Required when sensitive commercial information is involved
4. Third Party Rights: Needed when other parties may have interests in the subrogated rights
5. Currency Provisions: Required for international claims involving multiple currencies
6. Insurance Policy References: Detailed references to relevant insurance policies when multiple policies are involved
7. Dispute Resolution: Alternative dispute resolution procedures if desired as an alternative to court proceedings
1. Schedule 1 - Claim Details: Detailed description of the underlying claim including dates, amounts, and circumstances
2. Schedule 2 - Supporting Documents: List and copies of relevant documentation supporting the claim
3. Schedule 3 - Insurance Policy Details: Relevant excerpts or details from the insurance policy giving rise to subrogation rights
4. Schedule 4 - Payment Details: Banking and payment information for any monetary transfers
5. Schedule 5 - Power of Attorney: If required, formal authorization to pursue the claim
6. Appendix A - Claim Timeline: Chronological sequence of events related to the claim
7. Appendix B - Related Correspondence: Copies of relevant correspondence relating to the original claim
Authors
Relevant legal definitions
Clauses
Relevant Industries
Insurance
Financial Services
Banking
Maritime
Construction
Manufacturing
Transportation
Real Estate
Healthcare
Professional Services
Retail
Energy
Relevant Teams
Legal
Claims
Risk Management
Compliance
Insurance Operations
Policy Administration
Recovery
Dispute Resolution
Corporate Affairs
Insurance
Underwriting
Relevant Roles
Legal Counsel
Claims Manager
Insurance Underwriter
Risk Manager
Compliance Officer
Insurance Policy Administrator
Claims Adjuster
Recovery Specialist
Subrogation Manager
Legal Director
Insurance Operations Manager
Policy Manager
Corporate Counsel
Insurance Broker
Claims Recovery Officer
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