§ 26.1-22-11 — Arbitration of value or loss

North Dakota § 26.1-22-11

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-22: State Fire and Tornado Fund

Text

1. If the office and the state agency, political subdivision, or winter show having custody
of any property disagree about the insurable value of the property or the amount of
loss insured, the office and the state agency, political subdivision, or winter show may
agree to have the value or loss determined by a competent, disinterested contractor,
architect, experienced appraiser, appraisal company, or a member of those respective

professional boards at the expense of the state agency, political subdivision, or winter
show owning the property.
2. If the office and the state agency, political subdivision, or winter show are unable to
resolve a disagreement under subsection 1, the determination must be arbitrated as
provided in this subsection.
a. The office and the state agency, political subdivision, or winter show having
custody of the property each shall select one competent, disinterested contractor,
architect, experienced appraiser, appraisal company, or a member of those
respective professional boards. The two selected arbitrators shall select a third
arbitrator with similar qualifications.
b. The three arbitrators shall determine the insurable value of the property or the
amount of loss insured within thirty days after the selection of the first two
arbitrators. Upon determination by a majority of the arbitrators, the arbitrators
shall notify the parties of the determination in writing. The determination is binding
on both parties.
c. Each party to the dispute shall pay the expenses of the arbitrator chosen by the
party. The expenses of the third arbitrator must be paid equally by both parties to
the dispute.
d. While the value is being determined under this section, property must continue to
be valued in the same amount as previously determined, or in case of new
buildings or property, in the amount determined by the office.
3. This section applies to existing property, new construction, and property with a change
in value.