Emphasising the importance of recoveries in a soft market

By exercising rights of subrogation, insurers can potentially recover part or all of their payments to their insured after a loss. Here the Recoveries Department of the Lloyd‘s Claims Office (LC

WHEN an insurer settles a claim with his insured for loss or damage to the insured‘s property in accordance with terms and conditions of the contract of insurance, then provided the settlement constitutes an indemnity under the insurance policy, the insurer is subrogated all the rights and remedies which the insured possessed against those parties responsible for losing or damaging the insured‘s property.