S.2157

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

New Jersey S2157 requires automobile insurers to include appraisal provisions in insurance policies. 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 liability claim, either party can invoke the appraisal provision. Each party selects a competent and disinterested appraiser, who then appraises the loss. If the appraisers disagree, an umpire is selected to resolve the dispute. The appraisal provision also applies to third-party claimants. The act takes effect 90 days after enactment.