A Subrogation Release Form is essential in insurance claim settlements under Singapore jurisdiction where an insurer seeks to recover payments made to an insured party from a responsible third party. This document is typically used after the insurer has paid a claim and wishes to pursue their legal right of recovery. The form includes critical elements such as party details, incident information, payment amounts, and release terms. Under Singapore law, the Subrogation Release Form must comply with the Insurance Act, Civil Law Act, and relevant common law principles to be legally enforceable.
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Key Requirements PROMPT example:
Subrogation Release Form
"Need a Subrogation Release Form under Singapore law for an insurance settlement of $250,000 related to a factory equipment damage claim, where our insurance company will pursue recovery from the equipment manufacturer, to be finalized by March 2025."
1. Identification of Parties: Details of insurer, insured, and third party involved in the subrogation
2. Recitals: Background information including incident details, claim details, and payment made
3. Release Statement: Formal statement of release of claims and rights
4. Consideration: Statement of payment or consideration for the release
5. Governing Law: Specification of Singapore law as governing law
6. Execution Block: Signature blocks for all parties
1. Confidentiality Clause: Used when parties wish to keep settlement terms confidential - recommended for sensitive cases or high-value settlements
2. Indemnification Clause: Additional protection for released parties - recommended for complex cases with multiple potential claims
3. Non-admission of Liability: Statement that payment does not constitute admission of liability - included when requested by paying party
1. Schedule of Damages: Itemized list of damages or losses being settled
2. Schedule of Payments: Details of payment amounts and timing if multiple payments are involved
3. Supporting Documentation: Copies of relevant insurance policies, claim documents, or incident reports
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