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waiver of recourse endorsement

An endorsement to a fiduciary liability insurance policy that prevents an insurer from exercising its subrogation rights against an insured fiduciary. Premiums for this endorsement are based on a charge per covered fiduciary. Unlike most other forms of insurance, under fiduciary liability policies, insurers sometimes exercise subrogation rights against insureds for non-willful or criminal acts. Insurers' rationale for subrogating against insureds is based upon the fact that insureds should not be absolved of wrongdoing when the premiums for fiduciary liability coverage are paid from the assets of the employee pension and welfare plans the fiduciaries are charged with administering.

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