Assignment Of Insurance Proceeds

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This means that the insured business cannot cede its right to collect claim payments to another party.

However, laws in most states permit policyholders to transfer their rights to another party under certain circumstances.

The assignee sued the insurer to enforce its rights and duties pursuant to the assignment.

After the fire, the insured assigned any rights it may have, including any right to payment of insurance proceeds.

The only exception is if the named insured is an individual (sole proprietor) and he or she dies.

An assignment is permitted in this case because a sole proprietorship and the individual owner are one and the same.

Victor operates a restaurant called Vital Vittles out of a building he owns.

Late one January night two water pipes in the building freeze.

For instance, if a policy includes business auto, general liability, and commercial property coverages, the anti-assignment clause applies to all three coverages.

The anti-assignment clause prohibits the named insured from transferring any of its rights or obligations under the policy to someone else without the insurer's permission.

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