S.2157

New Jersey S2157 requires automobile insurers to include appraisal provisions in insurance policies.

New Jersey S2157 mandates that automobile insurers include appraisal provisions in insurance policies. This means that if policyholders and insurers 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, either party can invoke the appraisal provision. This involves selecting a competent and disinterested appraiser to assess the loss. If the appraisers cannot agree, an umpire or judge will make the final decision.