Rhode Island S2261 amends fire insurance policies to establish uniform appraisal procedures and payment obligations.

Rhode Island S2261 amends the state's standard fire insurance policy to establish uniform, transparent appraisal procedures and payment obligations. The bill codifies the process for selecting appraisers and umpires, ensuring that both parties have equal opportunity to participate. It mandates that appraisers be knowledgeable in replacement cost value and actual cash value calculations. The bill also outlines the payment of appraisal costs and the consequences for failing to comply with appraisal procedures.

Rhode Island S2261 amends fire insurance policies to establish uniform appraisal procedures and payment obligations.

Rhode Island S2261 amends the state's standard fire insurance policy to establish uniform, transparent appraisal procedures and payment obligations. The bill codifies the process for selecting appraisers and umpires, ensuring that both parties have equal opportunity to participate. It mandates that appraisers be knowledgeable in replacement cost value and actual cash value calculations. The bill also outlines the payment of appraisal costs and the consequences for failing to comply with appraisal procedures.