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Attempt to Bar Post-Loss Assignment of Benefits Denied

Attempt to Bar Post-Loss Assignment of Benefits Denied
December 20
05:30 2017
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Assignment of advantages is one in every of the foremost well-liked topics in state initial party property insurance and it’s no secret that insurance carriers aren’t in favor of AOBs. Some insurance carriers, like Security initial underwriter, tried to wish matters into their own hands and add language into their householders, condominium unit homeowners and “dwelling fire” policies which will wish the “insureds, extra insureds and mortgagees” named on a policy to consent to any post-loss assignment of advantages to a 3rd party.

The state point of Insurance Regulation rejected Security First’s projected modification supported state law prohibiting such restrictions on a policyholder’s post-loss assignment of advantages. Security initial argued that state law solely bars policy language requiring the insurance company’s consent for Associate in Nursing assignment of advantages, not consent by the insured.

On Friday, December 1, 2017, a three-judge appellant panel of the Fifth District Court of charm thoroughbred the point of Insurance Regulation Commissioner’s order rejecting the modification.

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