In 1959, Florida codified the insured’s lawful ability to assign a policy. Section 627.422, Florida Statutes, provides that, “A policy may be assignable, or not assignable, as provided by its terms.” Thus, a provision in an insurance contract prohibiting assignment of the policy is enforceable under the plain language of Section 627.422.
Here, the contract did not prohibit assignment, but only imposed a permissible condition upon assignment – requiring the approval of all insureds and the mortgagee. The Restoration 1 court distinguished longstanding precedent of the Florida Supreme Court (dating to 1918) in West Florida Grocery Co. v. Teutonia Fire Ins. Co.
Requiring Approval of All Insureds and Mortgagees To Assign Policy Upheld by Florida Court The Florida Court of Appeal upheld an assignment of benefits provision that required signatures of all insureds and mortgagees.
A $9.5 billion sale to Sempra Inc. was the core of the E-side plan, which was confirmed by court earlier this year. The allocation fight is over how to assign responsibility for certain liabilities in.
A Florida appeals court has sided with the state’s insurance regulator in rejecting policy language filed by a Florida homeowners insurer to restrict the. that require mortgage company approval.
The 4th District Court of Appeal decision, however, conflicted with an earlier ruling by the 5th District Court of Appeal in a case that also focused on whether an insurer could require approval of mortgage companies and all people insured in policies before benefits could be assigned.
Florida Real Estate- prices rise Much like California, Florida has often been the land of investor dreams – and investor heartache. A potent mix of retirees, snowbirds, job seekers and foreign investors has swung home prices to.
Security First stated in its motion to rehear that all Florida insurance policies and long-standing common law "require that the insurer protect the mortgagee’s interest in the insured property," and without some form of protection for mortgagees and co-insureds under a property policy, AOB agreements create risks of improper transfer of.
The Florida Court of Appeal upheld an assignment of benefits provision that required signatures of all insureds and mortgagees. Restoration 1 of Port St. Lucie v. Ark Royal Ins. Co., 2018 Fla. App. LEXIS 12633 (Fla. Ct. App. Sept. 5, 2018). Ark Royal issued a homeowner’s policy to the insureds.
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However, if this issue reaches the Florida Supreme Court on appeal, and the court sided with insurers and ruled that an anti-assignment provision requiring the consent of all insureds and.
Florida Supreme Court will take up AOB insurance fight. The court’s decision to hear the case could resolve a conflict in lower courts about a restriction that insurers have tried to place on.