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Insurance Company Arbitration

What is Arbitration?

Arbitration is a way of settling a dispute outside of court litigation. The process can be less costly and requires less time to come to a resolution. If you have become injured in an accident and have made an insurance claim for your injuries, you may find yourself being sent to arbitration. Many insurance policies require arbitration when a claim is under dispute rather than being argued through a lawsuit.

The process is similar to a lawsuit in some ways, as the parties may still go through the process of gathering and sharing evidence. The opposing sides will each usually submit a written argument, with any documents supporting their argument, to each other as well as to the lead arbitrator. At this time the parties may negotiate a settlement. If the claimant and the insurance company cannot come to an agreement, the lead arbitrator will set a date for arbitration, where the parties will come together to discuss their arguments.

When the lead arbitrator has evaluated all the evidence and listened to the arguments, he or she will issue a binding ruling. If the arbitrator finds in the favor of the claimant, the ruling may include monetary compensation.

Insurance Arbitration Rules – American Arbitration Association

Most arbitration proceedings are conducted under the rules of the American Arbitration Association. There may be three arbitrators, one chosen by the claimant, one chosen by the insurance company, and one chosen by the two arbitrators to serve as head arbitrator. There are also cases where arbitration is conducted by one impartial arbitrator who acts as a sort of judge.

Insurance contracts often make the decision of the lead arbitrator binding, with no process for appeal. Nevertheless, the authority of any arbitrator is limited to ruling on damages and liability. Other legal questions not decided by the arbitrator may still end up being argued in court.

How an Experienced Chicago Personal Injury Attorney can Help

A knowledgeable Chicago personal injury attorney from Shea Law Group can help in a couple of important ways when your accident injury claim is being sent to arbitration. Our experienced attorneys have a thorough knowledge of the arbitration process and understand what evidence and arguments will have the best chance of achieving the settlement you are entitled to.

Secondly, because of our extensive experience in the field of insurance arbitration in Chicago, we can help you select an arbitrator who will do the best job of advocating for your claim.

Never go it alone when it comes to arguing your case against a big insurance company. Reach out to our team of legal experts and let us help you achieve the positive outcome you deserve. Contact Shea Law Group at (877)-365-0040 or book a no-obligation consultation online to discuss your case today.