Assignment Of Insurance Proceeds Agreement


An “assignment” is a transfer of one interest or right to another. Once a right has been “assigned,” the beneficiary or purchaser is in the shoes of the previous owner or developer and obtains the rights that the assignor had prior to the transfer. Almost all rights can be transferred, including the right to insurance. When insurance income is allocated to a recovery contractor, the contractor has the right to request payment directly from the insurance company. Just as an insured landowner would have the right to sue an insurance company to enforce an insurance policy, the contractor has the right to sue the insurance company in payment if the insurance company refuses to pay a contracting person who has received an insurance policy. One of the provisions of the new Act is the obligation for the assignee to include a contractual right of withdrawal in any contract involving a transfer of benefits. The language of the status on repeal is a bit complex and difficult to understand. However, the statute stipulates that three different termination rights must be included in a transfer agreement. First, the assignee must have the right to revoke the transfer contract by written notification within fourteen (14) days after the contract has been executed. Second, if the work is not “essentially completed” within thirty (30) days of the start of the work, the assignee may revoke the transfer agreement in writing. Third, the contractor/contractor did not “start” thirty (30) days after the signing of the transfer agreement and no effective date in the “essential works on property” contract, which the Zender-cker may revoke by written notification.

The important thing is fla. Stat. 627.7152 (2) (d) states that “a transfer agreement that does not comply with this subsection is invalid and unenforceable.” Fla. Stat. 627.7152 (a) (a) – (b) prohibits the assignee from asserting a right or suing an insured for any of the work items contained in the service. Exceptions to this rule allow the transferee to sue and/or sue the insured for the deductible due under the policy, for any improvement made and approved by the insured and any contractual work done prior to the termination of the transfer contract. This is an important provision, as often after signing a transfer contract, a member of the public service or a lawyer is hired to ensure that payment by the insurer is appropriate. If the status acts as a waiver of the transferee`s right to sue the assignee for unpaid work, the public presenter, who normally takes a percentage of the debt, must now be paid from the transferee`s pocket, since the transferee does not have the payment of the insured`s pocket.

Contact Info

Marica van der Meer Fotografie

Eize Speerstrastrjitte 4

8711 LB Workum

Phone : 06-14 534 773

Email : maricavdmeer@yahoo.com