Bill > H4039

This bill amends South Carolina's automobile insurance laws by introducing three key provisions: First, it requires all new and renewed automobile insurance policies to include a provision that complies with this article, and clarifies that neither insurers nor insured parties waive their rights by seeking a resolution. Second, it establishes a 90-day time limit for either the insurer or insured to seek arbitration when they disagree about the amount of loss in a property damage liability claim, allowing them to request an arbitrator's appointment within that window after filing a proof of loss. Third, the bill mandates that while each party initially pays their own costs in establishing loss amounts, if an arbitrator determines the loss is more than one dollar higher than the insurer's originally proposed amount, the insurer must reimburse the insured's out-of-pocket expenses, attorneys' fees, and associated costs. This legislation aims to provide a more structured and fair process for resolving disputes in automobile insurance property damage claims, giving both insurers and policyholders a clear pathway to resolve disagreements and ensuring that insurers are held accountable when they significantly underestimate claim values. The bill will take effect upon the Governor's approval.

Business and Industry

https://www.scstatehouse.gov/billsearch.php?billnumbers=4039&session=126&summary=B