HSB 588

This bill relates to fire insurance policies and to appraisals of insured losses. The bill provides that if the insured and the insurer fail to agree on the actual cash value or the amount of a loss, either party may make a written request for an appraisal. _____ insured and the insurer agree in writing to an appraisal, each shall have up to days from the date the last party agrees to an appraisal to select a competent and disinterested appraiser and to notify the other party of the appraiser selected. Under current law, upon the written demand of either the insured or the insurer, both parties are required to select a competent and disinterested appraiser and to notify the other party of the appraiser selected within days of such demand. The bill applies January 1, 2023, to fire insurance policies issued for delivery, continued, or renewed in this state, and to insured losses incurred under such policies, on or after that date.