OPINION
BURKE, Justice.
This is a case of first impression in Alaska, involving the subrogation rights of a builder's risk insurer against a negligent subcontractor of the named insured.
On December 29, 1970, Baugh-Belarde Construction Company entered into a contract to build faculty housing for the University of Alaska. Baugh-Belarde then engaged College Utilities Corporation to perform subcontract functions necessary to the construction of the...
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