What is an Insurance Waiver?

What is an Insurance Waiver? What does a waiver of coverage do?
asked Dec 14, 2012 in Insurance by answernest

1 Answer

0 like 0 dislike

Waivers and release forms are documents that are used to release a business or person from liability for certain activities. By signing a waiver, the signer releases the person or entity from liability. Waivers are similar to disclaimers and hold harmless clauses. In essence, you are “waiving” your right to sue and assuming the risk of the activity. For example, when participating in risky activities, you may be asked to sign a waiver before being allowed to participate.
More Details:

Insurance waivers are forms where a policyholder or a potential policyholder has been offered a form of insurance and choose to decline it. For example, if your employer offers insurance coverage as part of its benefits package and you have better coverage from your spouse’s employer, you will likely be asked to sign a waiver declining the coverage.

Similarly, your homeowner’s insurance company may offer additional insurance options such as earthquake insurance. If you decline the coverage, you will likely need to sign a waiver acknowledging that you have been offered the insurance and have declined it.

answered Dec 14, 2012 by answernest