2007 Minnesota Statutes

66A.29 ARBITRATION REQUIRED.
Every policy must provide as follows: "In case of loss under this policy and failure of the
parties to agree as to the amount of the loss, it is mutually agreed that, on written demand of either
party, the company and the insured each shall select a competent appraiser and notify the other of
the appraiser selected within ten days of the demand. The appraisers shall first select a competent
and disinterested umpire; and, failing for ten days to agree upon the umpire, then, on request of
either appraiser, the umpire shall be selected by a judge of a court of record in the state in which
the property covered is located. By mutual agreement the two appraisers may agree to have the
umpire selected by a judge of a court of record and waive the ten-day provision.
The appraisers and the umpire shall then appraise the loss. A written award of any two of
these persons determines the amount of loss. The written award of a majority of these referees is
final and conclusive upon the parties as to the amount of loss, and this selection, unless waived by
the parties, is a condition precedent to any right of action to recover for a loss. No suit for the
recovery of any claim by virtue of this policy may be sustained unless commenced within six
months after the loss occurred." The policy must also provide the form, manner, and length of
notice to be given to the company by the insured of any loss sustained.
History: 1967 c 395 art 7 s 29; 1974 c 161 s 5; 1983 c 208 s 3