At J.T. Bates Insurance Group, we specialize in risk management products specifically developed for equipment dealers and rental houses. Our products help equipment dealers reduce risk and improve profitability while adding value for rental, lease, or purchase customers.
According to Investopedia.com, “Subrogation is a term describing a legal right held by most insurance carriers to legally pursue a third party that caused an insurance loss to the insured. This is done in order to recover the amount of the claim paid by the insurance carrier to the insured for the loss.”
Subrogation is a term describing a legal right held by most insurance carriers to legally pursue a third party that caused an insurance loss to the insured. This is done in order to recover the amount of the claim paid by the insurance carrier to the insured for the loss.
As an example, assume you were driving a car and were in an accident that was someone else’s fault. Your insurance carrier, Your Carrier, pays for the damage to your vehicle. After the claim is settled, Your Carrier can subrogate against the other driver’s insurance carrier, Their Carrier, and demand that Their Carrier pays for the damages since their insured was responsible. With a waiver of subrogation in place, Your Carrier cannot demand compensation from Their Carrier.
The main benefit of a waiver of subrogation is that it protects equipment owners, contractors, and sub-contractors from damaged relationships. One of our flagship rental products, Rental Equipment Protection, includes a waiver of subrogation. With Rental Equipment Protection, J.T. Bates Insurance Group will pay to repair the damage from covered perils and will never demand the insurance carrier of the responsible party compensate us for the claim. In this way, our clients do not need to worry about damaging relationships with their rental customers, and their rental customers do not need to be concerned about claims affecting their business insurance premiums.
For more information about Rental Equipment Protection or to obtain a free, no-obligation quote, visit the Contact Us section of our website or call us at 1-877-900-8729. Also, click here, to read all blogs about JT Bates Group products and services!
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