If you live in Florida, there may be an inflated probability that you have heard the term ‘Assignment of Benefits‘ or AOB. Although we see a heightened amount of cases regarding construction fraud in the event of a hurricane, we remain acutely aware that the abuse of AOB is not limited to adverse effects of mother nature, but also appears in the construction industry overall.
Florida is in an insurance crisis where construction companies are not only price gauging but also abusing AOB that in turn has inadvertently cost consumers billions of dollars as they are forced to pay higher premiums to cover unnecessary repairs and in some cases, excessive legal fees.
Listen to our Founding Partner Chris Vernon speak about Assignment of Benefits and in addition, here are some precautionary measures you should take, should you choose to sign an AOB.
- Read your insurance policy and know what your responsibilities are after a loss.
- Contact your insurance company prior to signing the AOB.
- Read the AOB carefully and do not feel pressured to sign it.
- Beware of language that allows all proceeds of the claim to be made to anyone other than you or your mortgage company.
- Do not sign if there are blank spaces contained in the document.
Vernon Litigation Group is based in Naples, Florida with additional offices in Georgia and understands the challenges facing residents and businesses contending with lost revenue and property damage. Vernon Litigation Group represents businesses and individuals throughout the United States who have financial disputes, including insurance, construction, contract, and fraud disputes arising out of hurricanes and other natural disasters. For more information contact, Brooke Sandoval-Banker firstname.lastname@example.org or call (239) 319-4434.