The relinquishment by an insured of the right of its insurance carrier to collect damages paid on behalf of the policyholder. See subrogation.

A voluntary release or relinquishment of a right of action (e.g., right to sue) on behalf of another.

A condition of an insurance policy which states that the coverage will not be prejudiced if the insured has waived in writing prior to a loss any rights of recovery from a party responsible for the loss.

Wear and tear exclusion