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.) , Read More
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|Bill Text Versions||Format|
|Fiscal Note FN1 (03/02/2018)|
|Fiscal Note FN2 (07/10/2018)|
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