ISO Readies Filings In Response To Florida AOB Reforms

 Thursday, June 20, 2019

 Verisk

Relief may be coming for some Florida property insurers in an escalating crisis surrounding assignment of benefits (AOB), and ISO is already developing revisions to our forms and rating factors to respond to a new law that addresses this costly issue for many in the industry and, indirectly, property insurance customers.

On May 24, Governor Ron DeSantis signed House Bill 7065, noting a rising tide of expensive claims and litigation that the bill aims to bring under control.

Before the new legislation was enacted, Florida law, specifically Section 627.428, allowed for attorney fees to be awarded against an insurer, with no express financial cap or limitation, if a plaintiff was successful. Unsuccessful plaintiffs, on the other hand, faced no such obligation to cover a defendant insurer’s costs.
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