Changes the process by which a dispute between the insured and their insurance company, concerning property damages and requires that the umpire appraisers shall be disinterested and the cost shared equally.
Provides that any insurer refusing to honor a "direction to pay" executed by an insured for payment on a property damage benefit would constitute an unfair claims practice.
Provides that any insurer refusing to honor a "direction to pay" executed by an insured for payment on a property damage benefit would constitute an unfair claims practice.
Provides that any insurer refusing to honor a "direction to pay" executed by an insured for payment of a property damage benefit constitutes an unfair claims practice.
Increases the amount requiring that an appraisal be performed by a licensed appraiser when a vehicle sustains damage from $2,500 to an amount in excess of $5,000. This act also corrects a citation regarding salvage and reconstructed titles.
Establishes a definition of consumer accessible fair market value for purposes of determining the value of any vehicle that is damaged or totaled as a result of damage.
Clarifies the definitions of unfair claims practices pertaining to insurers with regard to appraisals and total losses and corrects a citation regarding salvage and reconstructed titles.