Want stronger rights to payment for your job?
Policyholders running off with policy proceeds and not paying you?
An Assignment Is Your Best Protection!
I am excited to share this article, and podcast/video interview, from Cleaning & Restoration Magazine, by the incredibly talented Michelle Blevins.
An assignment makes you the owner of the insurance proceeds. This becomes vital when the policyholder runs off with the insurance proceeds by giving you the right to compel the insurer to pay a second time. An assignment may also prevent the policyholder from being able to discharge the debt to you through bankruptcy.
Heard of “Assignments” but unclear how they work?
“One of the things that makes the restoration industry unique is that payment for services is usually made by a third party, the insurance company, whereas payment for services provided by other industries is usually made by the recipient of the service. The restoration industry relies heavily on proceeds from property insurance policies as compensation for restoration services. Too frequently, restorers accept greatly reduced prices for their work, just to make payroll and keep the lights on. This needs to change….” Assignments can be the key to unlock the fair market value for your work.
Read the full article here.
For many years restorers have been yearning for an opportunity for direct payment from insurance companies to best assure that they will be paid and now there is a way!
We have a complete training program with forms for all 50 States + D.C.
An assignment allows you to step into the shoes of the policy holder, and hold rights to direct payment from the carrier. These rights may also give you leverage in negotiating for reasonable claims handling. When an insurance provider denies all or part of a claim and fails to provide a valid reason, it is said to be operating in bad faith. This may give rise to a suit for Breach of the Implied Covenant of Good Faith and Fair Dealing AKA Insurance Bad Faith.
Want to maximize your receivables?Check out The Book on Restoration Collections.