December 2008 Dec Page

Question of the Month

Many insurance disputes are handled through the use of arbitration, and the parties involved in these disputes often prefer arbitration to a long, drawn out, and costly lawsuit. (There is no question that insurers consider an arbitration proceeding as a legal proceeding that will be paid for just as a civil lawsuit would be, since the definition of lawsuit on policies includes arbitrations.)

But, how much does the insured know about arbitration? Is an arbitration compulsory or voluntary? What is the procedure for entering into the arbitration process? Is the arbitration proceeding consistent with local jurisdictional law? Can a party withdraw from an arbitration hearing at any time? Are there any appeals from an arbitration decision?

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