Florida's Mission of benefits Catastrophe

Lawsuit is currently dispersing, and the cost is being paid by customers

It's a normal practice across the insurance world a policyholder grants a third party a house contractor, an automobile glass repair firm, a medical practitioner consent to charge an insurer. That practice is known as an assignment of benefits called the acronym.

Florida's Mission of benefits Catastrophe

In Florida, an insurance catastrophe has been fueled by misuse of AOBs. The legal environment of the state has supported sellers run costly or unnecessary work, and their lawyers to solicit AOBs from tens of thousands of Floridians file thousands of lawsuits against insurance companies that deny or dispute the claims. 

This mini-industry has cost consumers billions of dollars since they're forced to pay high premiums to pay repairs and fees that are excessive. And customers do not know that these price increases are being driven by their promises.

The misuse behaves somewhat helping increase what are some of the maximum insurance premiums in the nation. This report discusses how it's contributing to high insurance prices for Florida customers, and also AOB abuse functions it's currently spreading.

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