Andrea M. Alonso and Kevin G. Faley Closing Cases Through Intercompany Arbitration
This article provides a discussion of special arbitration agreements which are "not well known and sorely underutilized by insurance carriers." The authors highlight the benefits of special arbitration: "Settling underlying claims and resolving disputed liability or coverage disputes through the special arbitration forums is enormously beneficial to member companies. It reduces litigation costs, including attorney fees, through faster closings."
October 26, 2022 at 10:00 AM
6 minute read
Alternative Dispute ResolutionIn 1943, the casualty insurance industry sought to foster arbitration as an alternative to litigation in New York. They reasoned that by reducing litigation and its costs companies could improve intercompany relationships and pass savings on to policy holders. Arbitration Forums (hereinafter AFs) is a not-for-profit corporation that was created for this purpose. It is the nation's largest arbitration provider. In 2021 the company members filed 869,000 arbitrations disputes and 2 million subrogation claims that together were worth over $17.6 billion.
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