What it does
BP 04 97 amends the Transfer of Rights of Recovery Against Others to Us condition. The insurer waives any right of recovery it may have against the person or organization shown in the Schedule because of payments it makes for injury or damage arising out of the named insured's ongoing operations or "your work" done under a contract with that party and included in the products-completed operations hazard. The waiver applies only to the scheduled party.
Who needs it
Contractors, cleaning and maintenance services and tenants whose contracts or leases require a waiver of subrogation in favor of the owner, general contractor or landlord.
Quoting and selling notes
- When many contracts require waivers, use the automatic version BP 15 90, which applies where the insured waived its rights in a written contract before the loss.
- Waivers on workers compensation and auto policies are separate endorsements on those policies.
