Subrogation Settlement Agreement Template for Singapore

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Key Requirements PROMPT example:

Subrogation Settlement Agreement

"Need a Subrogation Settlement Agreement for a property damage claim where my insurance company paid out SGD 250,000 for water damage, and we're now settling with the responsible construction company for 80% of the claim value, to be paid by March 2025."

Document background

A Subrogation Settlement Agreement is utilized when an insurance company, having paid a claim to its insured, seeks to recover the paid amount from a third party responsible for the loss. Under Singapore law, this document formalizes the settlement terms between the insurer exercising its subrogation rights and the liable party. The agreement includes essential details such as the original claim circumstances, settlement amount, payment terms, and mutual releases. It serves as a final resolution of the matter, preventing future claims relating to the same incident and providing certainty for all parties involved.

Suggested Sections

1. Parties: Identification of all parties to the agreement including insurer, insured, and third party

2. Background: Details of the original claim, insurance policy, and circumstances leading to subrogation

3. Definitions: Key terms used tHRoughout the agreement

4. Settlement Amount: Specific amount agreed upon for settlement

5. Payment Terms: Timeline and method of payment

6. Release and Discharge: Mutual release of claims related to the incident

7. Governing Law: Specification of Singapore law as governing law

Optional Sections

1. Confidentiality: Terms of confidentiality when parties wish to keep settlement terms private

2. Non-Admission of Liability: Statement that settlement does not constitute admission of liability, typically requested by settling party

3. Costs: Allocation of legal and other costs when these need to be specifically addressed

4. Further Assurance: Obligation to execute further documents if needed, used for complex settlements requiring additional documentation

Suggested Schedules

1. Schedule 1 - Original Insurance Policy: Copy of relevant insurance policy

2. Schedule 2 - Claim Documents: Documentation of original claim and loss

3. Schedule 3 - Payment Schedule: If payment is to be made in installments

4. Schedule 4 - Related Correspondence: Key correspondence between parties leading to settlement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Insurance
Construction
Maritime
Manufacturing
Transportation

Relevant Teams

Legal
Claims
Risk Management
Compliance
Finance

Relevant Roles

Claims Manager
Insurance Underwriter
Risk Manager
Legal Counsel
Recovery Specialist

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Let's create your Subrogation Settlement Agreement

Authors

Alex Denne

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