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A. Mediation (Non binding)
Demand a mediation of the loss in accordance with the rules established by the Florida Insurance Department. The loss amount must be $500 or more, prior to application of the deductible; or there must be a difference of $500 or more between the loss settlement amount the insurance company offer and the loss settlement amount that the insured 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in the course of the mediation is binding only if both parties agree, in writing, on a settlement and, you have not rescinded the settlement within 3 business days after reaching settlement.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 depositing the settlement check or draft.
The insurance company will pay the cost of conducting any mediation conference except when you fail to appear at a conference. That conference will then be rescheduled upon your payment of the mediator's fee for that rescheduled conference. However, if the insurance company fails to appear at a mediation conference, they will pay your actual cash expenses that you incur in attending the conference and also pay the mediator's fee for the rescheduled conference.
B. Appraisal (Binding & Final)
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 the other. The two appraisers will choose an umpire (mediator). If they cannot agree upon an umpire within 15 days, either side may request that the choice be made by a judge of a court of record in the state where the residence premises is located. If the two appraisers fail to agree they will submit their differences to the umpire. A decision agreed to by any two will set the amount of the loss. The appraisal outcome is final.
Each party will:
- Pay its own appraiser; and
- Bear the other expenses of the appraisal and umpire equally.
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