Below is the verbiage of a settlement letter I received. The wording is confusing and the second paragraph makes me think that I am releasing my rights to someone else to receive payment instead of me. Can someone explain what it means please? Thank you so much!!!
In consideration of paying to us the sum of USD XXX.XX [XX Dollars and XX Cents] in irrevocable full and final settlement of any claim and all claims by us of whatsoever nature arising in respect of the cargo laden on board the above vessel and any obligations to us of whatsoever nature arising in respect of that cargo, and in mutually agreed complete fulfilment of all the immediate and consequential obligations of the insurers in respect of the cargo under the terms of POLICY NUMBER:
in respect of this matter in accordance with the laws governing the contract of
insurance we irrevocably confirm that the underwriters become subrogated to and
hereby assign for the benefit of underwriters all our rights and remedies in respect of this matter.
We further irrevocably confirm that you have the authority to use our name to the
extent necessary effectively to exercise all or any such rights and remedies; that we will furnish you with any assistance you may reasonably require of us when
exercising such rights and remedies, and we will indemnify you in respect of any
failure to do so, whilst on your part you will indemnify us in respect of any liability for costs, charges and expenses arising in connection with any proceedings which you may take in our name in the exercise of such rights and remedies.
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