After several years of efforts that ultimately went nowhere, Florida legislators have finally given the green light to a bill aimed at reforming property insurance and tackling the longtime issue of assignment of benefits (AOB). AOB has been cited on more than one occasion as a major reason for the massive spike in insurance premiums.
The Florida Senate passed SB 122 late last month addressing the abuse of post-loss AOBs for residential or commercial property insurance claims while also limiting one-way attorney’s fees in agreements related to AOB. Among the several provisions found in the bill, it would forbid certain fees and modify policy provisions associated with managed repairs in an assignment agreement. Service providers would also be required to give an insurer and the consumer a minimum ten days of prior written notice before a lawsuit could be filed on a claim.
Florida Governor Ron DeSantis is expected to sign the insurance reform bill which is expected to officially become law on the 1st of July.
To read more, please visit https://www.insurancejournal.com/magazines/mag-features/2019/05/06/525614.htm.
This information is provided by Miami insurance attorney Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with one of our attorneys or a Miami insurance settlement lawyer and receive a free consultation We look forward to working with you.
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