Minnesota SF4798 requires all property insurance policies to allow appraisal of damages and alternative resolution.

Minnesota SF4798 mandates that all property insurance policies include provisions for appraisal of damages and alternative resolution. If the insured and the company fail to agree on the amount of loss, they must each select a competent appraiser. If they cannot agree on an umpire, a judge will appoint one. The appraisers and umpire then appraise the loss, with a majority decision determining the amount of loss. The bill also specifies that no suit for recovery can be sustained unless all policy requirements are met and the suit is filed within two years of the loss.

Minnesota SF4798 requires all property insurance policies to allow appraisal of damages and alternative resolution.

Minnesota SF4798 mandates that all property insurance policies include provisions for appraisal of damages and alternative resolution. If the insured and the company fail to agree on the amount of loss, they must each select a competent appraiser. If they cannot agree on an umpire, a judge will appoint one. The appraisers and umpire then appraise the loss, with a majority decision determining the amount of loss. The bill also specifies that no suit for recovery can be sustained unless all policy requirements are met and the suit is filed within two years of the loss.