SB2708 grants policyholders and third-party claimants the right to an appraisal in disputes over vehicle damage claims.
SB2708 amends the Illinois Insurance Code to require every automobile insurance policy with first-party coverage for physical damage to include a provision for appraisal. This right applies to disputes over the actual cash value of a loss or the value of a settlement offer to a third-party claimant. Both parties must select a competent and disinterested appraiser within seven days of a demand for appraisal. If the appraisers cannot agree, an umpire is appointed.
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