As your livery insurance experts, we believe that it is important for our clients to know the ins and outs of insurance. This week, we would like to focus on a specific insurance term: subrogation.
What is subrogation?
To put it in simple terms, according to limo.org, subrogation means “an insurance company can pursue a claim with the responsible or adverse parties for deductibles, additional damages, or most importantly, the loss of revenues from the time needed to repair or replace a livery vehicle.”
It is also important to know that before you can collect on a subrogation claim, there is an issue of negligence. The amount you end up collecting depends on who is at fault and by how much. Be sure to come back next week to learn about the three primary types of negligence.
At Wolpert Insurance, we are devoted to providing you with relevant industry information and news. We are also dedicated to providing you with the best protection policy! Our unique livery insurance program is specifically designed to cover the risks that you face as a livery operator.