Construct · 1 fields · 1 citations

subrogation: a standalone construct

One name. One construct. A landmark on the map.

● anchor · a single construct in insurance and equity Nearest construct by meaning·not indexed
subrogation1 CONSTRUCTSubrogationINDEMNITY · STEP-IN

A single standalone construct; nearby constructs are located against it in the Collider. Tap a field for its definition, unit, and measures.

Insurance law

An insurer steps into the insured's rights after paying

Subrogation is the right of a party who has indemnified another's loss (classically an insurer who has paid its policyholder) to step into that person's legal position and pursue whoever actually caused the loss, so the ultimate burden falls on the wrongdoer and the insured is not paid twice. Noussia treats subrogation as a corollary of the principle of indemnity in insurance, which limits the insured to recovering their actual loss and no more. The referent is the transfer by operation of law of one party's remedies to another who has made good the loss, preventing double recovery and shifting cost to the responsible party.[1]

Unit
The indemnifier's acquired right to pursue the party responsible for the loss
Recovery means
Not applicable
Measured by
Bounded by the amount the indemnifier paid and the rights the indemnified party held against the wrongdoer

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Nearby constructs

burden3 fields · 6 citationsjingle · one word, three constructscost4 fields · 4 citationsjingle · one word, four constructsgood2 fields · 5 citationsjingle · one word, two constructs

References

  1. Noussia, K. (2007). Subrogation rights arising from marine insurance contracts. In The principle of indemnity in marine insurance contracts: A comparative approach. Springer. https://doi.org/10.1007/978-3-540-49074-6_5

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