How important is waiver of subrogation to be implemented before finalizing a contract? Please share your views on this.

This question is normally in any discussion of contract management & during interviews too So let us understand subrogation first.

Subrogation in insurance is a legal right of the insurance company to legally pursue a 3rd Party responsible for the damages / insurance loss caused to the insured .?Any client/service provider may ask for it’s waiver to limit their liability & risk. The Buyer can seek their insurance companies help to include it into their existing insurance policy free of cost or may be at a cost of some extra premium , depends upon relationship between Buyer’s company & Insurance company?.