HB 761: Property Loss Appraisals
GENERAL BILL by Artiles
Property Loss Appraisals; Requires Citizens Property Insurance Corporation's plan of operation to provide for adoption of policy forms that require compliance with conditions & procedures relating to participation of umpires & appraisers in loss appraisal process; provides either party may submit written demand to enter into process of appraisal when insured & corporation fail to mutually agree to actual cash value, amount of loss, or cost of repair or replacement of property for which claim has been filed; provides exception upon which corporation may refuse to accept demand; provides that corporation waives right to demand appraisal under certain circumstances; requires each party to select competent & independent appraiser & notify opposing party within specified period; requires appraisers to select appraisal umpire under certain circumstances; authorizes either party to file petition, in county or circuit court in jurisdiction in which covered property is located, to designate appraisal umpire if appraisers cannot agree on selection of umpire; provides that appraisal proceedings are informal unless corporation & insured agree otherwise; defines & provides scope of term "informal" for purposes of appraisal proceedings; requires each appraiser to submit written report to other appraiser; provides for appraisal awards & compensation of appraisers & umpire; provides applicability & limitations.
Last Action: 3/9/2012 House - Died in Insurance and Banking Subcommittee
Location: In committee/council (INBS)
Bill Text: PDF
• Referred to Insurance and Banking Subcommittee; Civil Justice Subcommittee; Economic Affairs Committee -HJ 75
• Introduced -HJ 75
• Died in Insurance and Banking Subcommittee
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