TALLAHASSEE, Fla. (Oct. 24, 2017) – Legislative meetings about Assignment of Benefits underscored the need for comprehensive reform to end abusive AOB practices that are driving up the cost of property insurance and threatening the affordability of home ownership for many Floridians, the Consumer Protection Coalition said today. Members of the Senate Banking and…
PortOrangeObserver.com By: Nichole Osinski, Staff Writer Hurricane Irma not only brought destruction, but according to Florida State Senator Dorothy L. Hukill, it is bringing changes. On Friday, Oct. 20, at the Riverside Pavilion, Hukill discussed the aftermath of the hurricane and new bills that will be filed in the upcoming legislative session. According to Hukill, the most recent…
A state law intended to give homeowners recourse in disputes with their insurers is instead being used by some repair vendors and their lawyers to generate a windfall. The “one-way attorney fee” allows policyholders to collect legal fees from their insurer if they win a claims dispute. But if the policyholder loses in court, they…
By: Alan Daley, American Consumer Institute, Florida Every year, disreputable attorneys and home-repair contractors launch an Assignment of Benefits (AOB) “open season” on home insurance policy holders. Consumers whose homes are damaged by a leaky pipe or storm damage want quick action by repair contractors to mitigate further damage. Some contractors will not proceed unless…
For three decades, Florida has offered insurance companies a highly effective, performance-based tax credit that has resulted in tens of thousands of good jobs being created or imported to our state. Not only does this credit bolster our state’s economy in a transparent, accountable way, it also helps ensure insurance rates for Floridians stay as…
Tampa Bay Times Editorial A steady drip usually signals bigger trouble, and this is no exception. Insurance claims and lawsuits for water damage are climbing, and the mess is spreading from South Florida to Tampa Bay. That means trouble for private insurers and the state-run Citizens Property Insurance Corp. And that means trouble for homeowners…
An Update of the Abuse of Assignments of Benefits and its Correlation with One-Way Attorney’s Fees by Mark Delegal and Ashley Kalifeh for Florida Association of Independent Agents, Executive Summary As discussed in FJRI’s 2015 paper,1 the prospect of one-way attorney’s fees has encouraged a growing number of lawyers to partner with various service providers…
“The prospect that a national rating firm might downgrade Florida insurance companies because of rising costs linked to assignment of benefits agreements has lit a fire under advocates of reforming those contracts.” READ MORE.
TALLAHASSEE An Ohio insurance-rating company has warned that recent court rulings and skyrocketing losses from water-damage claims have created an “uncertain operating environment” for Florida’s property insurers and that it will downgrade the financial stability of 10 to 15 Florida-based companies, potentially threatening the solvency of thousands of homeowners policies. Demotech, Inc., a company which…
As the Legislature debates restricting attorney fees in insurance litigation involving assignment-of-benefits agreements, a tort-reform group has identified a way to circumvent that fix. Attorneys could convince policyholders to file suit in their own name. A report, “Restoring Balance in Insurance Litigation,” released Monday by the Florida Justice Reform Institute, discusses that possibility in the context of…