What does it mean if I sign an agreement where a person is to forego collection efforts against me?

Full Question:

I am signing this in consideration (a Company) agreement to forego collection efforts against me until such time as all efforts against applicable insurance companies have been exhausted. What does this mean if I sign?
05/26/2017   |   Category: Statute of Limitat...   |   State: Florida   |   #37911

Answer:

We assume they are reserving their right to go after you in case insurance does not pay or satisfy the claim. They are probably doing this to keep the statute of limitations that would bar their claim against you from running while they try to collect from insurance. If this is true and you don't sign they will have to sue within the applicable statute of limitations that applies to whatever this claim is. However, without seeing the document we do not know and are only making an assumption.