Assignment Of Proceeds

Assignment Of Proceeds-57
Generally, a brief letter to the insurance company, or “notice of assignment,” will suffice.

Generally, a brief letter to the insurance company, or “notice of assignment,” will suffice.

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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.If the insurance company refuses to acknowledge the assignment and continues to pay the property owner, or otherwise refuses to pay the contractor, the restoration professional has the right to enforce the assigned insurance policy and the insurance company can be held liable for non-payment.Liability exists even if the insurance company has already paid the owner, for example, in situations where the property owner refuses to release funds to the restoration contractor.NOTE: Adobe Acrobat Reader software is required to view this file - if you don't already have the Reader installed on your computer, it is available for free from Adobe's website - please click the icon at right to be taken to the download page. Many restoration professionals do not realize that, without an express agreement, restoration contractors have no right to demand payment directly from the insurance company.The insurance company or third-party representatives may assist with locating potential contractors and estimating restoration costs.When inspecting the loss and drafting an estimate, the restoration contractor communicates with the property owner, insurance adjuster, and any third-party representatives to identify applicable insurance policies.The property owner—the party who traditionally enters into a contract with a restoration professional—is then obligated to pay for remediation and restoration work.If the property owner misuses insurance proceeds or refuses to pay after work has been performed, restoration contractors often find themselves with little recourse.Under Ohio law, assignments of insurance executed after a covered loss are valid notwithstanding an anti-assignment clause in an insurance policy.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.

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