Document background
The Waiver of Subrogation Form is a crucial risk management tool in Australian business operations, particularly relevant when multiple parties are involved in commercial relationships such as construction projects, property leases, or service agreements. This document becomes necessary when parties wish to prevent insurers from pursuing recovery claims against specific third parties, thereby reducing potential disputes and litigation costs. The form must comply with Australian federal and state insurance regulations, including the Insurance Contracts Act 1984 (Cth), and typically includes specific details about the insurance policies affected, the scope of the waiver, and the duration of the arrangement. It's commonly used in conjunction with commercial contracts where parties have agreed to limit their liability exposure and streamline their insurance arrangements.
