As outlined in a general homeowners insurance policy:
“If you and we fail to agree on the amount of loss, either may:
- Demand a mediation of the loss in accordance with the rule established by the department of financial services. The loss amount must be $500 or more, prior to application of the deductible; or there must be a difference of $500 or of $500 or more between the loss settlement amount we offer and the loss settlement amount we offer and the loss settlement amount that you request. The settlement in the course of the mediation is binding only if both parties agree. In writing on a settlement and you have not rescinded the settlement within 3 business days after reaching settlement. You may not rescind the settlement after cashing or deposition the settlement check or draft we provided to you.
We will pay the cost of conducting any mediation conference except when you fail to appear at a conference. The conference will then be rescheduled upon your payment of the mediator’s fee for that rescheduled conference. However, if we fail to appear at a edition conference, we will pay your actual cash expenses you incur in attending the conference and also pay the mediator’s fee for the rescheduled conference.
- Demand an appraisal of the loss. In this event, each party will choose a competent appraiser within 20 days after receiving a written request from other. The two appraisers will choose an umpire. If they cannot agree upon an umpire within 15 days you or we may request that the choice be made by a judge of a court of record in the state where the “residence premises” is located. The appraisers will separately set the amount of the loss. If they fail to agree, they will submit their differences to the umpire. A decision agreed to by any two will set the amount of loss.
Each party will:
1: Pay its own appraiser and
2: Bear the other expenses of the appraisal and umpire equally
If however, we demanded the mediation and either party rejects the mediation results, you are not required to submit to, or participate in, ay appraisal of the loss as a preconditioned to action against us for failure to pay the loss.
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