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Aerosole Sys.5/4/1998
attorneys' fees."
The Supreme Court defined subrogation in Bogan v. Progressive Cas. Ins. Co. (1988), 36 Ohio St.3d 22, 521 N.E.2d 447, where it held:
"The legal doctrine of subrogation has long been recognized as an insurer's derivative right. In the case of Newcomb v. Cincinnati Ins. Co. (1872), 22 Ohio St. 382, subrogation was defined as follows:
"`Where a loss, covered by insurance, is occasioned by a wrongdoer, the underwriter, after reimbursing it in specie, or making compensation in money, is, in a proper case, entitled to be subrogated, quoad hoc, to the right of the assured against the wrong-doer. This is of the highest equity; for whereas the loss is, in the first instance, that of the insured, after reimbursement or compensation, it becomes the loss of the insurer.' Id. at 387, relying upon the opinion of Lord Hardwick in Randal v. Cockran (1748), 1 Ves. Sen. 98, 27 Eng.Rep. 916."
The Bogan court went on to state that "it is axiomatic to the doctrine of subrogation that the rights of the insurer are no greater than those of the insured." Id., at 29-30, 521 N.E.2d at 455. In State Farm Mut. Auto. Ins. Co. v. Webb (1990), 54 Ohio St.3d 61, 64, 562 N.E.2d 132, 134-135, the court found that traditional principles of subrogation have long been recognized as an insurer's derivative right. Pursuant to the doctrine of subrogation, the subrogated carrier steps into the shoes of its insured. Motorists Mut. Ins. Co. v. Bill (1978), 56 Ohio St.2d 258, 10 O.O.3d 398, 383 N.E.2d 880.
From these eases, it may be concluded that while Home Insurance was not a signer of the contract, it had an equitable right to attempt to recover its losses from Wells Fargo. The law is clear that Home Insurance may assert only claims and defenses open to its insured, no more, no less. This result works no prejudice to the appellee and cross-appellant, who receives the benefit of its contractual agreement with Aerosol: no claims were asserted against it other than those which Aerosol was entitled to assert. Notwithstanding paragraph 12 of the contract, the appellant and cross-appellee's insurance company was entitled to assert its subrogation interest in this litigation.
The appellee and cross-appellant's second assignment of error is overruled.
The judgment of the trial court is affirmed.
Judgment affirmed.
BLACKMON, A.J., and O'DONNELL, J., concur.
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