Section 9.41 Subrogation

• Library: Insurance Practice 2015

Director and officer policies typically grant the insurer a contractual right of subrogation against any third party that might ultimately be responsible for the harm to the claimant if and to the extent that the insurer actually pays its insured for covered “loss” under the policy. 2 William E. Knepper & Dan A. Bailey, Liability of Corporate Officers and Directors § 23.13 (7^th ed. 2003); Ins. Co. of N. Am. v. Abiouness, 313 S.E.2d 663, 665 (Va. 1984) (right accrues only when insurer pays claim). The...