Assignment Of Proceeds

And it is important to remember that insurance assignments to do increase or change coverage.Restoration contractors are only entitled to payment in accordance with the applicable insurance policy.

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Liens may not provide adequate security, and lawsuits against property owners may result in uncollectable judgments.

Assignments of insurance proceeds are an answer to how remediation and restoration professionals can protect themselves against non-payment. An “assignment” is a transfer of an interest or right to another.

When property is damaged by water, wind, hail, fire or a number of other occurrences, the restoration of the property is often funded by the proceeds of an insurance policy.

Generally, the insurance company is obligated to pay the property owner.

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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This means that even though the policy may have an anti-assignment clause, it is ineffective to prevent an insured from assigning the benefits of the policy to a restoration professional. Protecting your Right to Payment It is important to consult with knowledgeable legal counsel if you are considering using assignments of insurance benefits to protect against non-payment.

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.

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.

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