Common use of Waiver of Claims and Subrogation Clause in Contracts

Waiver of Claims and Subrogation. Each of Lessor and Lessee do hereby remise, release and discharge the other party and any officer, agent, employee, representative or contractor of such party, of and from any liability whatsoever hereafter arising from loss, damage or injury caused by fire or other casualty for which insurance (permitting waiver of liability and containing a waiver of subrogation) shall be carried as required by this Lease by the injured party at the time of such loss, damage or injury to the extent of any recovery by the injured party under such insurance. All insurance policies carried by Lessor or Lessee (except fidelity bonds, blanket crime insurance or workers compensation where contrary to public policy or law), shall expressly waive any right of subrogation on the part of the insurer against the other party. The parties hereto agree that their policies will include such waiver clause or endorsement so long as the same are obtainable without extra cost, and in the event of such an extra charge the other party, at its election, may pay the same, but shall not be obligated to do so.