HB 18-1153

House Bill 18-1153, also known as the Property Casualty Insurance Claim Appraisal Procedures, aims to ensure fairness in insurance claim appraisals. It prevents people with a direct interest or relationship that could affect their judgment from serving as appraisers or umpires in these cases and requires them to disclose any potential conflicts of interest. Additionally, it bans one-sided communications between the umpire and other parties involved. This bill has been signed into law, meaning its provisions are now enforceable and will impact how insurance claims are handled in Colorado.

Official Summary

The bill addresses the situation in which appraisers and, if necessary, an umpire selected by the appraisers or by a court attempt to agree on the fair value of property covered by a property and casualty insurance policy. Specifically, the bill: Disqualifies any person from serving as an appraiser or umpire if the person has a known, direct, and material interest in the outcome of the appraisal proceeding or a known, direct, and substantial relationship with a party to the proceeding; Requires appraisers and umpires to disclose any prior relationships or interests that might affect their objectivity; and Prohibits ex parte communications by or with an umpire.(Note: This summary applies to this bill as introduced.) , Read More