A Florida appeals court ruled that homeowners' insurance policies may require signatures of all insureds and mortgagees to validate an assignment of claim benefits to a third party. The decision could have significant impact on long-standing insurance practices in the state.
Senior Counsel Andrew Marcus says that the court's approval may lead to other insurers seeking to use these limitations "to stem the rise of fake or exaggerated claims."
"Currently, some unscrupulous contractors will have homeowners unknowingly assign their benefits under an insurance contract to the contractor," Mr. Marcus said. "This ruling would allow parties with valid, vested interests in the property to have a say in the assignment."
READ: Fla. Ruling Could 'Nix' Homeowner Assignments Of Benefits (subscription required)
Please note that email communications to the firm through this website do not create an attorney-client relationship between you and the firm. Do not send any privileged or confidential information to the firm through this website. Click "accept" below to confirm that you have read and understand this notice.