Requiring Approval of All Insureds and Mortgagees To Assign Policy Upheld by Florida Court

to Limit Post-Loss Assignment Provisions that Require Written Consent of All Insureds, All Additional Insureds, and All Mortgagees Named in the Policy. In 2003, the florida legislature created the OIR. The OIR is charged with overseeing the language insurers use in Florida’s insurance policies:

Security First Insurance Co. took the case to the Fifth District Court of Appeal after the Florida Office of Insurance Regulation rejected a company proposal to add such AOB restrictions to policies.

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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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On September 5, 2018, the Fourth DCA in Restoration 1 of Port St. Lucie a/a/o John and Liza Squitieri v. Ark Royal Insurance Company (4D17-1113) upheld insurance policy language barring policyholders from signing assignment of benefits agreements without the approval of co-insureds, including financial institutions holding mortgages on the property.

Recognizing this, a growing number of companies have struggled to create new policies that allow employees to use their. the information provided herein may not be applicable in all situations and.

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.

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In December of last year, my colleague Ashley Harris discussed Security First Insurance Co. v. Florida Office of Insurance Regulation, 1 where the Florida Fifth District Court of Appeal (Fifth DCA) upheld the Office of Insurance Regulation ("OIR") prohibition of proposed language in an insurance policy that would require "all insureds, all additional insureds and all mortgagees" named.

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In a brief filed for the case to be heard by Florida Supreme Court, attorneys for Restoration 1 argued the Fourth DCA was incorrect in allowing insurers to require the consent of all insureds and.