Florida Insurers Expect Inflated Claims After Matthew

  Tuesday, October 18th, 2016 Source: Insurance Business

Property insurers dodged major losses in the wake of Hurricane Matthew — with initial estimates falling from $50 billion to $8.8 billion — but a controversial legal provision is causing some industry discomfort. The Assignment of Benefits (AOB) legal tool, a Florida provision allowing contractors to bill and be paid directly by insurers, was introduced as a means to prevent homeowners from having to pay money upfront or deal with the complicated claims process. The years since its introduction, however, have convinced some that repair vendors have taken advantage of AOB by artificially increasing the cost of claims — sometimes even suing the insurer if it refuses to pay the bills.

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