Claims News Service, Nov. 11, 4:52 p.m. EST — An arbitration service organization is claiming that arbitration can save the property/casualty insurance industry more than $700 million in litigation costs annually through programs that resolve insurance claims disputes outside of the courtroom
The CEO of Arbitration Forums, Inc. (AF), W. Russ Smith, told the National Association of Subrogation Professionals at its annual conference last week that the Tampa-based AF resolves more than 475,000 inter-insurance company disputes annually, with a claim value of over $2.3 billion.
Disputes leading to arbitration typically arise when insurance or self-insured companies believe their insureds are not at fault or due to disagreements over the percentage of liability or the amount of damages, Smith explained. Over 80 percent of inter-company arbitration disputes involve auto collisions.
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