The bill addresses the situation in which appraisers and, if necessary, an umpire selected by the appraisers or by a court attempt to agree on the fair value of property covered by a property and casualty insurance policy. Specifically, the bill:
- Disqualifies any person from serving as an appraiser or umpire if the person has a known, direct, and material interest in the outcome of the appraisal proceeding or a known, direct, and substantial relationship with a party to the proceeding;
- Requires appraisers and umpires to disclose any prior relationships or interests that might affect their objectivity; and
- Prohibits ex parte communications by or with an umpire.
(Note: This summary applies to this bill as introduced.)