The bill amends Section 27-10.4-1 of the General Laws regarding the motor vehicle appraisal process when disputes arise between an insurance company and the insured or claimants over the amount of a loss. It introduces new language that allows either the insured or claimant to initiate the independent appraisal process, replacing the previous wording that specified "either" party. The bill mandates that both parties select disinterested Rhode Island licensed appraisers, and if they cannot agree on an umpire appraiser, they must exchange lists of five potential candidates. The first party to submit their list will have the right to select the umpire from the remaining candidates if an agreement is not reached.

Additionally, the bill stipulates that the cost of the umpire appraiser will be shared equally between the two parties. It also defines a "disinterested Rhode Island licensed appraiser" as one who has not received any payment or compensation from either the insurer or the consumer in the previous sixty days. The bill aims to enhance the fairness and transparency of the appraisal process while ensuring that insurers do not engage in intimidation or coercion against insured individuals or claimants. The act will take effect upon passage.

Statutes affected:
901: 27-10.4-1