Waiver Of Subrogation Form Template for Malaysia

A legal document governed by Malaysian law that establishes an insurance company's agreement to waive its right to recover damages from a third party after paying a claim to the insured party. This document is crucial in commercial and industrial contexts where multiple parties share risk exposures. It operates within Malaysia's common law framework and must comply with the Financial Services Act 2013 and related insurance regulations. The document provides clarity on the scope of the waiver, duration, and specific circumstances under which the waiver applies.

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What is a Waiver Of Subrogation Form?

The Waiver of Subrogation Form is a critical risk management tool in Malaysian commercial relationships where multiple parties share potential liability exposure. This document is typically required when businesses want to prevent their insurance carriers from pursuing recovery against specific third parties after paying out a claim. Under Malaysian law, particularly the Financial Services Act 2013 and general common law principles, insurers have the right to step into their insured's shoes to recover damages from responsible third parties. The Waiver of Subrogation Form explicitly removes this right, promoting smoother business relationships and reducing potential disputes between parties working on the same project or sharing the same commercial space. This waiver is particularly common in construction projects, commercial leases, and major industrial operations where multiple stakeholders are involved.

What sections should be included in a Waiver Of Subrogation Form?

1. Parties: Identifies all parties to the agreement, including the insurer waiving subrogation rights, the insured, and any third parties benefiting from the waiver

2. Background: Brief context explaining the relationship between the parties and the purpose of the waiver

3. Definitions: Defines key terms used in the document, including 'Subrogation Rights', 'Insured Property', 'Covered Claims', etc.

4. Waiver Declaration: The formal statement of the insurer waiving their subrogation rights

5. Scope of Waiver: Detailed description of what claims, rights, or circumstances are covered by the waiver

6. Duration: Specifies the time period for which the waiver is valid

7. Governing Law: Confirms that Malaysian law governs the agreement

8. Execution: Signature blocks and execution formalities

What sections are optional to include in a Waiver Of Subrogation Form?

1. Consideration: Include when there is specific consideration being provided for the waiver

2. Limitations and Exceptions: Include when certain claims or circumstances are specifically excluded from the waiver

3. Insurance Policy Reference: Include when the waiver relates to specific insurance policies that need to be referenced

4. Representations and Warranties: Include when specific assurances from either party are required

5. Notice Requirements: Include when specific notification procedures need to be followed

6. Severability: Include when there's a need to ensure other provisions remain valid if one is found unenforceable

What schedules should be included in a Waiver Of Subrogation Form?

1. Schedule A - Insurance Policies: List of specific insurance policies covered by the waiver

2. Schedule B - Property Description: Detailed description of properties or assets covered by the waiver

3. Schedule C - Covered Activities: Description of specific activities or operations covered by the waiver

4. Appendix 1 - Required Certificates: Copies of insurance certificates or other required documentation

Authors

Alex Denne

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

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Care Health Insurance Reimbursement Claim Form

A Malaysian-compliant health insurance claim form for requesting reimbursement of covered medical expenses under an insurance policy.

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Generate a Bespoke Document

Download a Standard Waiver Of Subrogation Form

Review your own Waiver Of Subrogation Form

What is a Waiver Of Subrogation Form?

What sections should be included in a Waiver Of Subrogation Form?

What sections are optional to include in a Waiver Of Subrogation Form?

What schedules should be included in a Waiver Of Subrogation Form?

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Alex Denne

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