The bill H. 4039 aims to amend the South Carolina Code of Laws regarding automobile insurance policies. It introduces several new provisions, including Section 38-77-5, which mandates that all new or renewed automobile insurance policies must include a specific provision referencing the article. Additionally, Section 38-77-15 establishes a time limit for either party to seek arbitration in the event of a disagreement over property damage liability claims, requiring action within ninety days of filing a proof of loss.

Furthermore, Section 38-77-780 stipulates that if an arbitrator determines a loss amount that exceeds the insurer's proposed figure, the insurer is obligated to reimburse the insured for reasonable out-of-pocket expenses, including attorneys' fees and costs incurred in establishing the loss amount. This bill is designed to enhance the rights of insured individuals and streamline the resolution process in disputes with insurers. The act will take effect upon approval by the Governor.

Statutes affected:
02/19/2025: 38-77-5, 38-77-15, 38-77-780
Latest Version: 38-77-5, 38-77-15, 38-77-780