Arbitration & Mediation
Arbitration & Mediation Introduction
Arbitration is a process similar to trial, but less formal. In an arbitration an impartial, qualified third party listens to the disputants, reviews evidence, and renders an opinion. An arbitration may consist of a single arbitrator or a panel of arbitrators. Civil court rules or the American Arbitration Association (AAA) rules may apply.
The benefits of arbitration are:
- Binding (usually)
- Quicker and cheaper than litigation
- Arbitrators may have specialized knowledge
Mediation is a process whereby an impartial, qualified third party facilitates an exchange among disputants, so that the disputants can reach an informed and mutually agreeable settlement. Mediation is a valuable approach to many disputes which are better settled through negotiation than by litigation.
The benefits of mediation are:
- Provides an opportunity to deal with underlying needs
- Provides disputants with a sense of ownership and acceptance regarding their settlement
- Provides the parties with more control than arbitration or trial
- Can mitigate tensions and help build an understanding and trust among the disputants
Arbitration & Mediation Closer
Discerning when an insurance claim is appropriate for mediation or arbitration is as essential as understanding the nature and the scope of the loss.
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