Somehow between the signing of the assignment of benefits and contact with the insurance company, either the contractor’s estimates become inflated or they simply contact their normal attorney, who files suit against the insurance company. I believe that the vast majority of contractors are honest, hard working people who use assignments of benefits to make sure that they get paid for the work that they do. I also believe that there are a few people that think that all they’re doing is taking money from insurance companies and no one gets hurt. Whenever someone causes the costs of an insurance company to go up, like by inflating claims beyond what would be reasonable, those costs are not just absorbed by the insurance company.In the end, the insurance company ends up paying more for the repair, the insured might end up having to write a check (or worse, end up with incomplete work), and homeowners’ rates for everyone go up. I’ve read the text of the bill that’s before the Florida legislature and it looks like it might help. They aren’t even just absorbed by those new insuretech companies that promise transparency and giving back. In the end, the company will turn a profit somehow. By the way, the contractors (and others that work hard to get extra money out of insurance companies) are making their money, too.An item that is particularly interesting where I live in Florida is the topic of Assignments of Benefits.Tags: Essay On Government And PoliticsSpelling Activities For HomeworkBusiness To Business Marketing PlanEnglish Essay StructuresResearch Proposal For EducationEssay On Water As Renewable ResourceHomework DictionaryAction Plan For Small Business
A recent Florida Insurance Bulletin notes that the new statute allows insurance companies to issue policies preventing an assignment of benefits if insurers offer a premium discount.…
Continue Reading Assignment of Benefits (AOB) is certainly a hot button issue in the insurance industry.
An Assignment of Benefits is a simple document that allows someone, other than the insured to receive the money payable by an insurance policy.
You signed one the first time you visited your doctor.
But, I call it like I see it when approached with debatable inquiries from contractors and restoration companies.…