Arbitration is a process of resolving disputes in which a neutral third party (the arbitrator) renders a decision after a hearing in which both parties to a dispute have the opportunity to be heard.
As a method of resolving insurance coverage disputes, arbitration has some advantages. It is usually less expensive for the insured than litigation, though it still can be expensive. It also usually requires less administrative time on the part of the insured's management. Disputes are consequently resolved more quickly with arbitration than with litigation.
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