16.1 The insurer’s right to take legal proceedings in the name of the assured against a third party who has caused loss of or damage to the goods is of particular importance in marine cargo insurance. The amounts recovered in subrogation actions, known in practice simply as “recoveries”, form a significant element in the balancing of the cargo insurer’s underwriting account by improving the loss record. These recoveries apply to all types of transit risks, whether by land, sea or air, as well as to storage risks.1