Florida homeowners are paying more in insurance premiums because of a scheme that abuses the “assignment of benefits” (AOB) law. In recent years, dishonest trial lawyers and contractors — generally water remediation firms, roofing contractors and plumbers — have come up with a new scheme involving AOBs and bilking the system. HB 669 and SB…
INSURANCE JOURNAL: Transportation network companies such as Uber and Lyft represent a promising technology that can serve consumers well in the future, but Florida legislators should clarify the insurance requirements for these services in state law in order to adequately protect both drivers and passengers, according to a statement by the Personal Insurance Federation of…
Vehicle fees and minimum fare rates imposed in Orlando recently on cell phone app companies like Uber and Lyft that connect riders with drivers could be eliminated in a bill gaining momentum in the Legislature. The House version of the bill cleared its final committee Thursday and is headed for a floor vote. Florida League…
In Back to the Future II, the far distant “future” was 2015! While we’re not to the point of hoverboards and time-traveling DeLoreans, there have been a lot of technological advancements that permeate every aspect of our lives, as well as new threats that can impact the well-being of individuals worldwide. The 2015 Crash Course…
TALLAHASSEE — After nine straight years without a major hurricane, Florida’s catastrophic insurance fund is flush with cash to pay claims and the cost of backup reinsurance is cheaper than ever. “Reinsurers are hungry for new business,” said Ash Williams, director of the state Board of Administration, which oversees the so-called CAT Fund. “We’ve never…
PROTECTING CONSUMERS AGAINST INSURANCE SCAMS Overview Assignment of Benefits (AOB) is a legal tool intended to ensure the prompt payment of vendors (such as contractor repairing home damage) who provide services to policyholders without requiring a policyholder to be involved in the payment process. However, in recent years, unscrupulous trial lawyers and contractors (often water…
What is insurance assignment of benefits (AOB)? Assignment of benefits is a legal tool meant to ensure vendors receive prompt payments for their services in repairing damage to property without the homeowner having to pay money up front. At the time of service, a customer fills out an AOB form provided by the vendor, taking…
The issue: Assignment of benefits is a legal tool that allows a policyholder to direct their insurance company to pay a vendor directly for work performed to repair damage to a home or other property. However, in recent years, unscrupulous trial lawyers and vendors have used AOB to inflate claims and file costly lawsuits against…
By Peter Schorsch – Mar 26, 2015 Bills are gaining momentum in both the House and Senate to rein in a rapidly growing insurance scam in which sketchy trial lawyers and remediation firms are getting stressed-out homeowners to sign over their policy benefits and rights after a burst water pipe or similar home emergency. Assignment…
Imagine this: You wake up to find your kitchen flooded from a broken pipe. You frantically call a water extractor who arrives and says, “Don’t worry. Just sign these forms and we’ll handle everything.” The truth is, you’ve just signed away control of your insurance claim and may have permitted unscrupulous third parties to inflate…