Under the statute, policyholders are no longer permitted to reassign post-loss benefits, including any rights, duties, or benefits under their insurance policies. While insurers cannot require the use of a particular repair facility, they may still suggest preferred vendors and operate within existing repair networks.
The case, Pelc v. Southington Dental Associates, P.C., centered around a $1,037,570 settlement awarded to Francesca Pelc, a dental assistant injured at work in 2006. The disagreement was over the $185,247 in attorney fees approved as part of that settlement, which had been sitting in escrow while the two firms – Levine & Levine and…
State-issued equity coverage would pay out the difference between a home’s insured value and its eventual sale price — provided the owner has lived in the property for at least three years. Claims would be denied if the equity loss stems from owner neglect of the property’s condition. A newly created Home…
“The sale of Interboro formally completes our strategic transformation into a specialty insurer focused on underwriting commercial residential property insurance,” said Brad Martz, president and CEO of American Coastal. “All of our capital and human resources are now fully focused on our core business.” Source link
The prospective capital injection would be structured as preferred equity, sources said, with final terms yet to be agreed. The deal, if concluded, would allow BDT & MSD Partners— which previously led a $3 billion senior preferred stock investment in Acrisure in 2021— to partially redeem its existing position in the company. Source link
