Assignment Of Proceeds

Assignment Of Proceeds-23
Under Ohio law, assignments of insurance executed after a covered loss are valid notwithstanding an anti-assignment clause in an insurance policy.

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Although property owners continue to be liable in accordance with the terms of their restoration-services contracts, assignments of insurance proceeds open the door to recovery directly from the insurance company.In some situations, property owners would pay for restoration work but insurance companies have wrongfully denied benefits or otherwise wrongfully withheld payment.In these cases, property owners may not have the financial means to pursue their insurance companies.Generally, a brief letter to the insurance company, or “notice of assignment,” will suffice.The notice should include the contractor’s name and contact information, as well as instructions for the insurance company to pay the contractor directly.If a restoration contractor has obtained an assignment, the contractor may have the right to litigate coverage and payment disputes directly with the insurance company.Anti-Assignment Clauses in Insurance Policies do not Prevent Assignments Almost every standard-form insurance policy includes an anti-assignment clause.Assignments should be properly worded, proper procedures should be followed, and insurance companies should be put on proper notice.Additionally, mortgage companies, banks, and other third parties may have competing claims to insurance proceeds.The restoration professional presents the property owner with a written contract for services, which includes a properly drafted assignment provision.The property owner signs the contract for restoration services and consents to the insurance assignment. The next step, however, is putting the insurance company on notice of the assignment.

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