Difference between revisions of "Subrogate"
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| − | To put in place of another; i.e., when an insurance company pays a claim it is placed in the same position as the payee with regard to any rights against others.<ref> | + | To put in place of another; i.e., when an insurance company pays a claim it is placed in the same position as the payee with regard to any rights against others.<ref>[http://www.marad.dot.gov/publications/glossary/glossary.html U.S. Department of Transportation Maritime Administration]</ref> |
==References== | ==References== | ||
| − | + | {{Reflist}} | |
[[Category:Shipping Terms]] | [[Category:Shipping Terms]] | ||
Latest revision as of 19:51, July 13, 2016
To put in place of another; i.e., when an insurance company pays a claim it is placed in the same position as the payee with regard to any rights against others.[1]