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Allocation of benefits only applies if all policyholders and the mortgagee agree | Real estate insurance coverage law blog



A second Florida Court of Appeal has established a limitation on insurance that prevents the granting of defined benefit benefits only if all policyholders and the mortgagee agree to the assignment.

The third district court made a quick finding for the insurance company with the information:

Confirmed. See Restoration 1 of Port St. Lucie vs. Ark Royal Ins. Co. 255 So. 3d 344, 348 (Fla. 4th DCA 2018) (claims that a provision in a property insurance that requires the consent of all insured and mortgagees before the insured's rights can be granted is enforceable). 1

The Florida Supreme Court would review the case Restoration 1

cited above but then dismissed its review of that case and noted the amendment of Florida law regarding mandates:

After this court accepted jurisdiction, the legislature passed, and the governor approved, "[a] a law concerning contracts for insurance assignments." See chap. 2019-57, Laws of Fla Section 1 of the Act creates a new section 627.7152, Florida Statutes, entitled "Assignment Agreement", which among other things defines the term "assignment agreement" and sets out certain requirements for an assignment agreement to be valid and enforceable. Ch. 2019-57, § 1, Law of Fla. Section 2 of the law creates a new section 627.7153, Florida Statutes, entitled & # 39; Policies restricting distribution of after-loss benefits under a property insurance policy & # 39 ;, as among otherwise, an insurer allows & # 39; provide insurance that fully or partially restricts an insured person & # 39 ;s right to perform a contract & # 39; s contract if certain conditions are met. Ch. 2019-57, § 2, Fla lagar. The law has an effective date of 1 July 2019. Id. § 6. 2

The conclusion is that these types of clauses in insurance will become much more common when insurers try to limit the allocation of benefits from policyholders to contractors.

Thought For The Day

The road to success is always under construction.
—Arnold Palmer
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1 All Insurance Restoration Services v. Olympus Ins. Co. No. 3D-0186 (Fla. 3d DCA September 22, 2021).
2 Restoration 1 of Port St. Lucie vs. Ark Royal Ins. Co. No. SC18-1624 (Fla. 29 July 2019).


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