Assignment Of Insurance Proceeds

Assignment Of Insurance Proceeds-65
In the standard ISO policies, the anti-assignment clause is located in a separate form called the Common Policy Conditions.These conditions apply to all coverages that are included in the policy.

In the standard ISO policies, the anti-assignment clause is located in a separate form called the Common Policy Conditions.These conditions apply to all coverages that are included in the policy.

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An anti-assignment clause is intended to prevent the insurer from unwittingly assuming risks it never intended to take on.

Victor hires a water damage contractor called Rapid Restoration to repair the damage to his building.

He tells the contractor that he needs the repairs done quickly as he is anxious to reopen his restaurant.

If a business is sold to someone else, the new owners may not be as skilled or attentive as the previous ones.

From the insurer's perspective, the new owners are an unknown risk.

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