Requiring Approval of All Insureds and Mortgagees To Assign Policy Upheld by Florida Court

Amid continuing political and legal battles about the insurance practice known as “assignment of benefits,” the florida supreme court has. an insurer could require approval of mortgage companies.

(FORST, J.) Appellant Restoration 1 of Port St. Lucie sued appellee ark royal insurance company for breach of contract and sought a declaratory judgment determining that a clause in an insurance contract requiring the signatures of all insureds and mortgagees for an assignment of benefits violated Florida law.

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The appellate court also affirmed the lower court’s award of attorney’s fees to the defendant. That fee award was upheld because it focused on the unreasonable conduct of plaintiff instead of a.

to Limit Post-Loss Assignment Provisions that Require Written Consent of All Insureds, All Additional Insureds, and All Mortgagees Named in the Policy. In 2003, the Florida Legislature created the OIR. The OIR is charged with overseeing the language insurers use in Florida’s insurance policies:

 · Accordingly, some insurers have sought to add language to their policies which conditions any post-loss assignment on the consent of all insureds, additional insureds, and mortgagees. Late last year, Florida’s Fifth District Court of Appeal affirmed the order of the Commissioner of the Office of Insurance Regulation (OIR), that disapproved an.

The endorsements proposed the inclusion of new language, titled “Assignment of Benefits” (AOB); the language restricted the ability of policyholders to assign post-loss benefits absent the consent of all insureds, all additional insureds, and all mortgagees named in their policies. 1. OIR issued a letter disapproving the proposed endorsements.

Here, the contract did not prohibit assignment, but only imposed a permissible condition upon assignment – requiring the approval of all insureds and the mortgagee. The Restoration 1 court distinguished longstanding precedent of the Florida Supreme Court (dating to 1918) in West Florida Grocery Co. v. Teutonia Fire Ins. Co.

Id. at 1157. That order upheld OIR’s disapproval of Security First’s request to amend its policy language in the same fashion as the instant case, "restrict[ing] the ability of policyholders to assign post-loss benefits absent the consent of all insureds, all additional insureds, and all mortgagees named in 3 their policies." Id. at.

Thousands of Florida mortgages could be at risk because of insurance abuse And instead of south Florida – the focal. This drives up what could be a dispute over a few hundred dollars to a potential bill for a few thousand dollars for the insurance company. large argues.How to Probate Property in Florida if You Live Out of State – Zoecklein Law P.A. Florida probate law: An overview Probate court is often needed to determine who should receive the assets of a person who has died, especially if he or she did not have a legal will in place. Most estate planning attorneys, as well as the florida bar association, can explain the probate process to families.

 · While assignment of benefits is nothing new, it has become high-profile because of increased claims for water damage to homes.