Hell hath no fury like an insurance company scorned.

This is probably the weirdest story you’ll read today.  How weird?  Well, put it this way:  it’s a Mike Bianchi story worth reading.

The last-minute political strong-arming that recently nixed UCF’s lucrative $35 million football stadium naming-rights deal with Roofclaim.com has also killed FAU’s already-announced $5 million sponsorship deal with Roofclaim.com, FAU confirmed Tuesday…

According to Sentinel sources, the influential insurance industry and several prominent state politicians intervened behind the scenes to cancel the UCF and FAU naming-rights deals with Roofclaim.com. The UCF deal would have been worth $35 million for 15 years — a figure that Danny White said in a December meeting of the UCF Foundation Board of Directors would be the “third or fourth” most lucrative naming-rights deal in the history of college football.

Even though UCF’s cash-strapped athletic program could desperately use that influx of working capital, the deal was killed because Roofclaim.com is an arch-enemy of the state’s massive insurance conglomerate. Roofclaim.com is a subsidiary of Jasper Contractors, a high-volume roofing company headquartered in Atlanta. The company, like many others in the industry, cashed in on a loophole that has cost insurance companies mega-millions of dollars. The loophole is a controversial-but-legal practice known as assignment of benefits — often referred to as AOB.

An AOB is a legally binding document through which a homeowner gives a third party (including companies such as Roofclaim.com) the right to negotiate, file insurance claims and collect insurance payments without the homeowner’s involvement. In May 2019, at the prodding of the insurance industry, the Florida Legislature overhauled the law governing AOB agreements.

It’s no secret UCF’s and FAU’s corporate partnerships with Roofclaim.com are the impetus for a controversial bill introduced in Tallahassee last month that would give the Legislature final approval on whether a sports stadium or arena at a public university can be branded after a company willing to pay for the naming rights.

A harbinger that state politicians and the insurance lobby would kill UCF’s naming-rights deal with Roofclaim.com came at the UCF Foundation Board of Directors meeting in December. Board member and treasurer, Alan Florez, who admitted at the meeting that he himself has ties to the insurance industry, raised objections to the naming-rights deal with Roofclaim.com.

“It is my understanding and expectation that this will draw a negative reaction from policy makers both locally and throughout the state,” Florez is heard saying during a recording of the meeting obtained by the Sentinel. “Is everyone aware and prepared for there to be a negative response to this, especially among our policymakers in the legislature?”

They actually wrote a bill to regulate naming rights.  That may be your ultimate stick to sports story.  Man, poor Danny White can’t get no respect anywhere.

10 Comments

Filed under It's Not Easy Being A Mid-Major, Political Wankery

10 responses to “Hell hath no fury like an insurance company scorned.

  1. Gaskilldawg

    Insurance companies love it when they can negotiate with an individual claimant. Lord knows how many people have proudly told me in my 40 years as a lawyer that they settled their claims themselves and didn’t need to pay a lawyer, then when I ask them to brag on the deal they made with ths insurance company I shake my head ag how badly they undersold their claims. I will bet homeowners insurance carriers hate dealing with professionals negotiating claims.
    I know it is off topic but wanted to get that off my chest.

    Liked by 1 person

    • Normaltown Mike

      “professionals negotiating claims”

      They’re more generally known as “storm chasers” and while a redneck with an F250 and a crew of amigos is impressive, I wouldn’t call it professional. But hey, I got me a “free” roof sounds awesome.

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    • 79Dawg

      I hear ya, but at the same time (and to DawgPhan’s comment below), how many times have you heard a neighbor or friend say that got their insurance company to pay for a new roof because of mysterious “hail damage”??? Meanwhile, you’re the sucker paying for one out of your own pocket because you’re a decent, honest person…
      Sometimes you’re gettin’ screwed, sometimes you’re screwin’…

      Like

      • The Dawg abides

        It’s kind of like the old ‘lightning strike took out my heating and cooling unit’ claim. It was pretty hard to prove that lightning didn’t fry the unit, so people almost always won the claim.

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  2. Godawg

    Does this also kill UCF’s “lazy river?”

    Like

  3. DawgPhan

    What are they mad about? is it the hail damage, everyone gets a new roof thing? Is that the thing that they are negotiating with the insurance companies?

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    • Bourbon Dawgwalker

      Much of Florida’s coastal homes are insured by a state run insurance company called Citizens. As you can guess, the state owned insurance company is a money loser and doesn’t have the resources to deal with a lot of litigation. The AOB in Florida allows a contractor to hire a lawyer and sue the insurance company as if they were the policyholder. On top of that, if the contractor wins the suit, the insurance company has to pay legal fees for both parties. The opposite is not true, if the insurance company wins the suit then the contractor does not have to pay legal fees for the insurance company. This one way street led to massive amounts of lawsuits being filed against all insurance companies in the state, but against Citizens in particular. Since Citizens is basically underwritten by the State the legislature eventually took action.

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  4. practicaldawg

    I would take anything Bianchi writes with a grain of salt until it’s verified by other sources. Guy has zero credibility as a journalist.

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  5. Go Dawgs!

    Never say never, but I’m certainly glad that UGA seems to be financially solvent enough to not have to sell naming rights for Sanford Stadium. I guess it’s a relatively minor concern in life, but I’d hate to have to go between the hedges at Overstock.com Stadium or something. Not that I’d put it past McGarity to try to lock in that revenue stream. But it definitely was a source of a lot of jokes on my Kentucky friends to go see a game at Kroger Field a couple of years ago.

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