HB18-1153
Property Casualty Insurance Claim Appraisal Procedures
Concerning the conduct of appraisals of the value of property covered by property and casualty insurance, and, in connection therewith, specifying the qualifications and rules of conduct for appraisers and umpires engaged in the appraisal process.
Session:
2018 Regular Session
Subjects:
Bill Summary
Business & Economic Development
Civil Law
Insurance
The bill addresses the situation in which appraisers and, if necessary, an umpire selected by the appraisers or by a court attempt to agree on the fair value of property covered by a property and casualty insurance policy. Specifically, the bill:
- Disqualifies any person from serving as an appraiser or umpire if the person has a known, direct, and material interest in the outcome of the appraisal proceeding or a known, direct, and substantial relationship with a party to the proceeding;
- Requires appraisers and umpires to disclose any prior relationships or interests that might affect their objectivity; and
- Prohibits ex parte communications by or with an umpire.
(Note: This summary applies to this bill as introduced.)