GENERAL ELECTRIC CREDIT CORPORATION, APPELLANT,
v.
THE FIDELITY & CASUALTY COMPANY OF NEW YORK ET AL., APPELLEES
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A loss payee under an insurance policy is not an insured or beneficiary entitled to attorney's fees under Florida Statute 627.428(1), which limits such fees to the named insured or beneficiary.
A loss payee is not an insured or beneficiary within the meaning of Florida Statute 627.428(1) and therefore is not entitled to recover attorney's fees in a successful insurance action.
[1] A loss payee designated under an insurance policy is not an insured or beneficiary within the meaning of Florida Statute 627.428(1) and therefore cannot recover attorney'…
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Join FLexlaw to unlock all legal intelligence“A 'loss payee' is not an insured or a beneficiary under our construction of the Statute but rather a designated payee-derivative from rights asserted by the named insured, Spiral Enterprises, Inc.”
Court's explanation of why loss payee does not qualify for attorney's fees under the statute
Spiral Enterprises, Inc. held a marine hull insurance policy covering theft and loss of a yacht. General Electric Credit Corporation was designated as…
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WEAVER, SIDNEY M., Associate Judge.
Appellant filed this timely appeal from an order denying attorney’s fees.
This action was commenced by Spiral Enterprises, Inc. as the insured under a marine hull policy of insurance for the theft and loss of a yacht. Appellant, the “loss payee” under the said policy, thereafter entered the case as a party plaintiff and final judgment was entered in favor of the plaintiffs. Attorney’s fees and costs were awarded to Spiral but denied as to the appellant. Appellant seeks the comfort of Section 627.428(1), Florida Statutes (1975), in his quest for attorney’s fees. The said Statute provides as follows:
“Upon the rendition of a judgment or decree by any of the courts of this state against an insurer and in favor of an insured or the named beneficiary under a policy or contract executed by the insurer, the trial court, or in the event of an appeal in which the insured or beneficiary prevails, the appellate court, shall adjudge or decree against the insurer and in favor of the insured or beneficiary a reasonable sum as fees or compensation for the insured’s or beneficiary’s attorney prosecuting the suit in which the recovery is had.”
A careful reading of the Statute indicates that the appellant does not come within the provisions thereof. A “loss payee” is not an insured or a beneficiary under our construction of the Statute but rather a designated payee-derivative from rights asserted by the named insured, Spiral Enterprises, Inc. AFFIRMED.
MAGER, C. J., and DAUKSCH, J., concur.
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Nw. Nat'l Ins. Co. v. Gen. Elec. Credit Corp., 362 So. 2d 120 (Fla. 3d DCA 1978)…c in that it was but a plain law loss payee, and not an insured or named beneficiary under a policy of insurance pursuant to Section 627.428, Florida Statutes (1977) and General Electric Credit Corporation v. Fidelity & Casualty Company of New York, 344 So. 2d 1284 (Fla. 4th DCA 1977). After carefully reviewing the record, briefs and counsel’s arguments, it is our opinion that the acts of the Celias voided any coverage afforded them by virtue of the policy of insurance issued by Northwestern. Accordingly, the…