What it does
CG 24 53 adds to the Transfer Of Rights Of Recovery condition a waiver of any right of recovery, because of payments under the coverage part, against any person or organization to whom the insured has waived its right of recovery in a written contract or agreement. The waiver applies only to the extent the insured waived its rights prior to loss.
Who needs it
Contractors, subcontractors, equipment renters and service providers with frequent contractual waiver requirements, where scheduling every party on CG 24 04 is impractical.
Key provisions and limits
- No schedule; a written contract is required.
- Applies to the same set of coverage parts as CG 24 04 12 19 (CGL, Electronic Data, Liquor, Pollution designated sites, Products/Completed Operations, Railroad Protective, Underground Storage Tank).
Quoting and selling notes
- Per project aggregates are CG 25 03 and CG 25 47.
- Introduced with the 12 19 edition.
- Pair with blanket AI and primary/noncontributory endorsements when contracts bundle the requirements.
