New Jersey A3262 mandates automobile insurers to include appraisal provisions in insurance policies.

New Jersey A3262 requires automobile insurers to include appraisal provisions in insurance policies. This means that if the policyholder and insurer disagree on the actual cash value or amount of a loss reported on a claim, or on the offer of settlement to a third-party liability claim, they can invoke the appraisal provision. Each party selects a competent and disinterested appraiser, who will appraise the loss within 20 business days. If the appraisers cannot agree, an umpire or judge will issue a final award.

New Jersey A3262 mandates automobile insurers to include appraisal provisions in insurance policies.

New Jersey A3262 requires automobile insurers to include appraisal provisions in insurance policies. This means that if the policyholder and insurer disagree on the actual cash value or amount of a loss reported on a claim, or on the offer of settlement to a third-party liability claim, they can invoke the appraisal provision. Each party selects a competent and disinterested appraiser, who will appraise the loss within 20 business days. If the appraisers cannot agree, an umpire or judge will issue a final award.