Two insurance reform bills intended to modify Florida’s assignment of benefits (AOB) law may soon become law. If the bills ultimately pass, it will be the first time in several years that an AOB bill has reached the Senate.
Miami, FL -- (SBWIRE) -- 03/29/2019 -- Among the two bills, one of them is receiving wide discussion during hearings involving insurance carriers, regulators and homeowners that are against AOB agreements versus home restoration contractors, attorneys, and homeowners that support AOB.
Florida's current laws allow homeowners to sign over their insurance benefits to a contractor after a loss in order to pursue payment from insurers for work performed. AOB agreements expedite repairs by guaranteeing payment for "up front" work performed. The part of Florida's AOB statute that has remained a point of contention is the "one-way" attorney fee provision, which requires an insurance company to pay the legal costs even if a court rules in their favor. Those that oppose the one-way fee is something of an incentive for attorneys to pursue AOB lawsuits.
To read more, visit https://www.watchdog.org/florida/florida-senate-house-insurance-reform-bills-advance-at-desantis-prodding/article_81e8c23a-40d6-11e9-9fdd-97d4212ccec5.html.
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