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Committee advances optional binding arbitration endorsement for property claims; critics warn consumers could lose courtroom rights
Summary
A proposal that would let Louisiana insurers offer an optional binding arbitration endorsement for property coverage passed the House Insurance Committee on a roll-call vote, promising faster claim resolution but drawing warnings that consumers could lose access to court.
Representative Mark Wright brought House Bill 379 to the committee to permit property insurers to offer an optional, binding arbitration endorsement for property policies. The endorsement would be voluntary for policyholders and — if adopted — would require insurers to offer an actuarially justified discount for insureds who choose arbitration.
Wright said arbitration and alternative dispute resolution can speed claim resolution and reduce the caseloads of courts. Adam Patrick of…
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