Ken Levine, co-chair of Cozen O’Connor’s Insurance Corporate & Regulatory practice group, authored the lead article in the Federation of Regulatory Counsel’s FORC Quarterly Journal of Insurance Law and Regulation titled, “Assignment of Homeowners Policy Benefits in Florida.” Ken, who serves as the FORC Quarterly Journal of Insurance Law and Regulation's editor, discusses the widespread abuse of assignment of benefits (AOB) from water loss claims in Florida. As a result, Florida policyholders can expect higher insurance rates for the foreseeable future. Ken notes that, “Actuarially sound rate increases have been indicated as high as 189 percent for Southeast Florida, and private insurers will not write coverage where abuse is rampant.” In March 2016, “Citizens Property Insurance Corporation had 1,000 suits based on AOB; the highest month in the past two years though Citizens’ policy count dropped by two-thirds during those two years.”
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