When purchasing event insurance, many venues now require that the policy contain an endorsement or form CG 24 04, also known as Waiver of Transfer of Rights Against Others to Us or Waiver of Subrogation. But what is it?
Waiver of Transfer of Rights Against Others to Us is an endorsement that prevents an insurer from recovering the money they’ve paid out on a claim from a negligent third party. So in the case of special events, the event insurance policy insurer shouldn’t be able to recover money from the venue or hosts.
It’s no wonder why more and more venues are requesting this endorsement. Policies that include CG 24 04 endorsement tend to be slightly more expensive and harder to find and is usually coupled with another endorsement called Primary Noncontributory.