The American Land Title Association (ALTA) announced it has appointed the National Arbitration Forum as its administrator for title insurance arbitrations.
“We chose the National Arbitration Forum because of its reputation and its experience in developing specialized programs,” said Rande Yeager, president of ALTA.
He said another factor was “the firm's willingness to commit resources to developing the system, including the arbitrator panel, and to provide a solution that creates efficiencies that ultimately benefit all parties.”
ALTA said it made the appointment after a review of its Title Insurance Arbitration Rules and system that govern the resolution of disputes that may arise between title insurance companies and insureds under title insurance policies.
The updated rules, effective Jan. 1, incorporate the code of procedure and fee schedule of the National Arbitration Forum. ALTA said the system will ensure independence and neutrality.
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